The preliminary flash estimate of European GDP for Q1-2025 from Eurostat shows growth of +0.3% for the EU and +0.4% in the Euro-zone compared to the previous quarter. This is a little less than the +0.4% recorded by the EU in the 4th quarter of 2024 but an acceleration from +0.2% for the Euro-zone.
Compared to a year earlier, at the end of the 1st quarter of 2024, seasonally adjusted GDP has grown by +1.4% in the EU and +1.2% in the Euro-zone – these rates are unchanged from the equivalent comparisons for the previous quarter, pointing to a period of modest but steady growth.
At this stage we only have data for 14 of the EU Member States and, of these, only Hungary saw its economy contract at the start of 2025. Growth in this quarter means that the recession in Austria was short-lived (their economy contracted in both the 3rd and 4th quarters of 2024). Ignoring Ireland (+3.2% quarter-on-quarter) given that their figures are distorted by multi-national headquarters operations, the fastest growth was the +0.6% recorded in both Lithuania and Spain.
Looking at the comparison with a year ago (at the end of Q1-2025), 3 of the Member States that have published their figure saw their economy contract; these were Austria (-0.7%), Hungary (-0.4%) and Germany (-0.2%).
You can get the Eurostat figures from their website at https://ec.europa.eu/eurostat/web/main/news/euro-indicators (30 April) or request it from MTA.