Eurozone 2024 economic growth revised up to 0.9 per cent: Data

The eurozone economy grew by 0.9 per cent in 2024, revised data showed on Friday, higher than a previous estimate of 0.7 per cent.

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The EU's official statistics agency also revised growth for the fourth quarter of 2024 for the second time to 0.2 per cent in the 20-country single currency area, from O.I per cent estimated in February.

Eurostat in January had initially said the eurozone economy stalled in the final quarter of 2024.

The revision is a small bit of good news as Europe has remained stuck in near-stagnation for two years, slowed down especially by sky-high energy costs following Russia’s 2022 invasion of Ukraine.

The eurozone recorded growth of 0.4 percent in 2023.

Now the economy faces the threat of painful tariffs from US President Donald Trump, although the European Union has made bolstering the bloc’s competitiveness its priority.

The eurozone’s economic performance has been weighed down by the EU’s two biggest economic powerhouses, Germany and France.

Germany recorded a contraction of 0.2 percent in the fourth quarter of 2024, while France shrunk by O.I percent in the same period.

The 27-country EU as a whole grew by I.O percent in 2024, up from the previous estimate of 0.9 per cent.

Separately, German industrial orders in January posted their biggest monthly fall in a year, data showed Friday, underlining the challenges faced by Europe's top economy before a new government takes office.