The seasonally adjusted Gross Domestic Product (GDP) of the euro area increased by 0.4% and that of the 27 member states by 0.3% between January and March 2024, compared to the final quarter of 2024, according to estimates by the European statistical service.
Among the 14 member states with available data, Ireland (10.9%), Lithuania (3.2%), and the Czech Republic (2.9%) recorded the most robust performances.
The economies of Austria (-0.7%) and Germany (-0.2%) remained in recession, with Hungary’s GDP falling by 0.4% in year-on-year terms.
In the first quarter of the year compared to the fourth quarter of 2024, Ireland saw the largest increase at 3.2%, followed by Spain and Lithuania, both at 0.6%.
Hungary (-0.2%) was the only member state to see a decline compared to the previous quarter.
The National Institute of Statistics (INE) postponed the release of three statistical highlights, including the flash estimate of GDP growth due to a blackout on Monday.
A widespread power outage affected Portugal and Spain on Monday from 11:30 AM, leaving the authorities without explanation.
Consequences of the “blackout” included closed airports, transportation and traffic congestion in major cities, and fuel shortages.
The electricity distribution network operator E-Redes assured on Tuesday morning that the service was fully restored and normalized.
