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Data from Eurostat. Forecasts by Sigmanomics Forecast Engine.
European UnionEurozone GDP Growth Rate QoQ 3rd climbed to 0.3% in Q1 2024
EurostatQuarterlyReleased June 2024
Eurozone GDP Growth Rate QoQ 3rd climbed to 0.3% in Q1 2024, released June 2024, up 0.4% from December's -0.1% reading. The reading matched the 0.3% consensus. GDP Growth Rate QoQ 3rd has now risen for 3 consecutive months. GDP Growth Rate QoQ 3rd is now the highest in 18 months.
Latest Release
0.3
Actual
0.3
Consensus
-0.1
Previous
Median Absolute Error
±0.05 percentage points
across last 12 releases
Last Call
Jun 2024
Predicted: 0.3
Actual: 0.3
Error: +0
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| EUR/USD | ▲ Direct | +0.50 | FOREX | Bullish EUR | → View |
| EUR/JPY | ▲ Direct | +0.45 | FOREX | Bullish EUR | → View |
| EUR/GBP | ▲ Direct | +0.40 | FOREX | Bullish EUR | → View |
| DAX | ▲ Direct | +0.40 | INDEX | Bullish EU | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
GDP Growth Rate QoQ 3rd (European Union) was reported at 0.3% in June 2024. This matched the market consensus of 0.3% exactly. The reading rose from the previous value of -0.1%. This is classified as a high-impact indicator released on a quarterly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 0.07%, up from the prior three at 0%.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with EUR/USD (Bullish EUR). A secondary relationship exists with EUR/JPY, positively correlated (Bullish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 0.05%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include ZEW Economic Sentiment Index (Jun 16) and Economic Sentiment (Jun 16).
Auto-generated from current model state · Refreshes on each release · Last update June 2024.
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GDP Growth Rate QoQ 3rd - EU
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About GDP Growth Rate QoQ 3rd — European Union
DEFINITION
Quarter The GDP Growth Rate QoQ 3rd Quarter is a key financial indicator that measures the percentage change in a country's gross domestic product (GDP) during the third quarter of the year compared to the previous quarter. This indicator provides valuable insights into the overall economic performance and growth of a country, and is closely monitored by investors, policymakers, and businesses to make informed decisions. A positive growth rate indicates a healthy and expanding economy, while a negative growth rate may signal a slowdown or recession.
WHY THIS INDICATOR MATTERS
Aggregate growth figures anchor cyclical positioning across asset classes and inform fiscal and monetary policy debate. Surprises against consensus typically move rates and currencies on release. Released quarterly.
WHAT CHANGED THIS MONTH
Latest reading (Jan 2024): actual 0.3 %, consensus 0.3 %. Prior reading (Oct 2023): 0 %. Before that (Jul 2023): -0.1 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with EUR/USD (Bullish EUR, r=0.50) — a useful reference for forex-focused traders.