Employment in the euro area increased by 1.0% and by 0.7% in the EU in the third quarter of 2024 when compared with the same quarter of the previous year, according to Eurostat, the statistical office of the European Union.

Further data showed that the number of employed persons increased by 0.2% in the euro area and remained stable in the EU in the third quarter of 2024, compared with the previous quarter.

In the third quarter of 2024, Croatia (1.5%), Ireland (1.2%) and Malta (1.0%) recorded the highest growth of employment in persons compared with the previous quarter. The highest decrease in employment was recorded in Romania (-3.1%), Estonia (-1.2%) and Latvia (-0.6%).

When compared to the prior year, the highest growth was seen in Croatia (6.9%) while the biggest decrease was seen in Latvia (-1.2%).

Based on seasonally adjusted figures, Eurostat estimates that in the third quarter of 2024, 219.1 million people were employed in the EU, of which 170.9 million were in the euro area.

Meanwhile, when compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.9% in the euro area and by 1.0% in the EU in the third quarter of 2024.

In the third quarter of 2024, seasonally adjusted GDP increased by 0.4% both in the euro area and in the EU, compared with the previous quarter.

Ireland (3.5%) recorded the highest increase of GDP compared to the previous quarter, followed by Denmark and Lithuania (both 1.2%). The highest decreases were observed in Hungary (-0.7%) and Latvia (-0.2%).

When compared to the same period a year ago, Malta saw the biggest gain (5.4%) while Latvia saw the biggest decrease (-1.0%).

The combination of GDP and employment data allowed for an estimation of labour productivity.

In the third quarter of 2024, productivity based on persons remained stable in the euro area and increased by 0.3% in the EU compared to the same quarter of the previous year.

Based on hours worked, productivity compared with the same quarter of the previous year increased by 0.5% in the euro area and by 0.8% in the EU.