Croatia recorded one of the highest GDP growth rates in the EU in the third quarter, alongside Malta, and demonstrated the strongest pace of employment growth, according to data published on Friday by the European statistical office.
The eurozone economy grew by 0.9% in Q3 compared to the same period last year, following a 0.5% increase in the second quarter, Eurostat confirmed in its latest estimates.
At the EU level, activity increased by 1.0%, slightly outpacing growth in the spring months.
On a quarterly basis, the economy in both the eurozone and the EU expanded by 0.4% from July to September, twice as much as in the previous three months.
Alongside Malta
Malta posted the highest annual GDP growth in Q3, at 5.4%.
Croatia followed with GDP growth of 4.1% in Q3, based on calendar-adjusted data, up from 3.2% in Q2.
Close behind Croatia were Denmark and Cyprus, with growth rates of 3.9% and 3.8%, respectively, from July to September.
Largest Growth Among “Big” Economies in Spain
Among the larger economies, Spain recorded the highest growth, at 3.4%, followed by France, where activity increased by 1.2%. In contrast, Germany’s GDP contracted by 0.3%.
Latvia recorded the sharpest annual contraction, with GDP falling by 1.0%, followed by Austria and Hungary, with declines of 0.8% and 0.7%, respectively.
Quarterly Surge in Ireland
On a quarterly basis, Ireland saw the highest GDP growth in Q3, at 3.5%, although its figures often show significant fluctuations.
Next were Lithuania and Denmark, both with quarterly growth of 1.2%.
Croatia’s economy grew by 0.8% quarter-on-quarter in Q3, based on seasonally adjusted data, compared to 1.0% growth in Q2. Spain and the Netherlands posted the same growth rate as Croatia in Q3.
Hungary recorded the steepest quarterly GDP decline, at 0.7%, followed by Latvia (-0.2%) and Austria, Poland, and Romania (-0.1% each).
Steady Employment Growth
The number of employed persons in the eurozone grew by 0.2% from July to September compared to the previous quarter, maintaining the same pace as in the spring months, according to revised data.
In the EU, employment held steady in Q3 compared to the previous quarter, which saw a 0.1% increase.
Annually, employment in the eurozone grew by 1.0% in Q3, slightly faster than in the prior quarter.
Revised EU data showed annual employment growth of 0.7% in Q3, down from 0.9% growth in Q2.
Sharp Rise in Croatia
Croatia recorded the highest annual increase in employment in Q3, at 6.9%, compared to 6.5% growth in the previous quarter.
Croatian employers also led in quarterly employment growth, with 1.5% more workers in Q3, compared to a 1.4% increase in Q2.
Malta ranked second with a 4.5% annual increase in employment. However, in quarterly employment growth, Malta was surpassed by Ireland (1.2% growth) and Croatia, with Malta reporting a 1.0% increase.
Latvia and Finland saw the sharpest annual declines in employment, at 1.2% and 1.0%, respectively.
On a quarterly basis, Romania stood out with the largest employment decline in Q3, at 3.1%, according to Eurostat data.
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Publish date : 2024-12-06 16:00:00
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