Portugal came fourth in Euro Zone in terms of growth in Q4, 2024, and better than US and UK

The Euro Zone’s economy grew 0.9% in 4Q of 2024 like-for-like according to the EU’s statistical office Eurostat on Friday.

Portugal recorded the fourth highest year-on-year rate, in a ranking led by Lithuania, while Germany and Austria’s Gross Domestic Product (GDP) were negative.

The European statistical office confirmed an estimated annual growth of 0.9% for the Euro countries and 1.1% for the European Union average, previously released. Among the countries for which data are available, Portugal recorded the fourth highest growth (2.7%), surpassed only by Lithuania (3.6%), Spain (3.5%) and Cyprus (2.9%).

On the other hand, the GDP of Germany and Austria contracted by 0.2%, while the economy of Estonia shrunk by 0.1%.

However, compared to the evolution in the previous quarter, Portugal’s growth rate is the highest (1.5%), followed by Lithuania (0.9%) and Spain (0.8%).

On the other hand, Ireland recorded the largest quarter-on-quarter contraction (1.3%), followed by Germany (0.2%) and France (0.1%). On average, the Eurozone economy advanced 0.1% in the fourth quarter compared to the previous three months and the European Union 0.2%.

As for the UK (non-Euro Zone) GDP grew by 0.1% compared with the previous quarter (Q3 2024), following no growth (0.0%) in Q3 while US GDP rose by 0.6% over the quarter.