The eurozone's seasonally adjusted gross domestic product (GDP) grew by 0.4 percent in the third quarter of 2024, marking an improvement from the 0.2 percent growth seen in the previous quarter, according to preliminary data released Wednesday by Eurostat.

The GDP in the European Union (EU) grew by 0.3 percent in the third quarter, maintaining the same pace as in the second quarter, according to data from the EU's statistical office.

Year-on-year, seasonally adjusted GDP grew by 0.9 percent in both the euro area and the EU from July to September, up from a 0.6 percent increase in the euro area and 0.8 percent in the EU in the second quarter.

Germany, the eurozone's largest economy, reversed its second-quarter contraction to achieve 0.2 percent growth in the third quarter, according to Eurostat data. Meanwhile, France and Spain saw growth rates of 0.4 percent and 0.8 percent, respectively.

Ireland posted the highest growth rate in the third quarter, with a 2 percent increase, while Hungary saw a significant decline of 0.7 percent. Latvia and Sweden also reported negative growth during the same period.

Bert Colijn, senior economist at ING, noted that third-quarter GDP growth in the eurozone was partly fueled by one-off factors, including Ireland's volatile GDP growth influenced by multinational accounting activities and a boost in French GDP driven by the Olympics.

Colijn expressed caution regarding the eurozone's economic outlook, forecasting weaker GDP growth in the fourth quarter. In a research report, he noted that "the eurozone economy remains sluggish for the moment."

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