Eurozone economy shows first quarter growth, Ireland leads
GDP in the eurozone grew by 0.4% in the first quarter of 2025, while in the entire European Union, there was an increase of 0.3% compared to the previous quarter, reports Eurostat. On an annual basis, GDP increased by 1.2% in the eurozone and 1.4% in the EU compared to the same period the previous year.
Preliminary flash data on GDP is based on incomplete sources of information and may be subject to further revisions. In the fourth quarter of 2024, GDP grew by 0.2% in the eurozone and 0.4% in the EU compared to the previous quarter. Annual growth dynamics remained at the same level as in the previous quarter, at 1.2% for the eurozone and 1.4% for the entire European Union.
Growth dynamics in member states
Among the member states for which data is available for the first quarter of 2025, Ireland recorded the highest growth compared to the previous quarter, at 3.2%. The next highest were Spain and Lithuania (both at 0.6%). Hungary was the only member state to register a decline in GDP (-0.2%) compared to the previous quarter.
On an annual basis, growth dynamics were positive for eleven countries and negative for three. In the Czech Republic, economic growth in the first quarter of 2025 was 0.5% compared to the previous quarter, translating into annual growth of 2.0%. This is one of the better results among the analysed member states.
Germany, the largest EU economy, recorded growth of 0.2% in the first quarter of 2025, after a decline of 0.2% in the previous quarter. However, on an annual basis, GDP is still decreasing at a rate of -0.2%. France, on the other hand, achieved quarterly growth of 0.1%, and on an annual basis, 0.8%.
Poland's situation compared to other countries
The report presented by Eurostat does not include direct data for Poland for the first quarter of 2025. However, it is important to note that preliminary estimates cover 18 member states, representing 94% of the eurozone's GDP and 93% of the entire European Union's GDP. Portugal did not provide data on time due to a widespread power outage on 28 April.
In previous quarters of 2024, Poland showed moderate economic growth. Data for the first quarter of 2025 for Poland will likely be included in subsequent GDP estimates planned for 15 May 2025, and then in regular GDP estimates and main aggregates planned for 6 June and 21 July 2025.
It should be noted that European quarterly national accounts are developed in accordance with the European System of Accounts 2010 (ESA 2010). Gross Domestic Product (GDP) at market prices measures the productive activity of resident production units. Growth rates are based on chain-linked volumes.
Subsequent estimates for the first quarter of 2025 will be published on 15 May 2025. Comprehensive estimates of European main aggregates, including GDP and employment, are published approximately 65 and 110 days after the end of each quarter. To improve the timeliness of key indicators, Eurostat also publishes flash estimates for GDP after about 30 and 45 days.
