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Unlock the Business Model Canvas of a leading construction and services conglomerate
Unlock the strategic blueprint behind Bouygues with our concise Business Model Canvas summary—see how its value propositions, partnerships, and revenue streams align to drive growth. Dive deeper: the full Canvas delivers a section-by-section, editable Word and Excel file packed with company-specific insights and financial implications. Perfect for investors, consultants, and founders—download it to benchmark and act.
Partnerships
Public sector & PPPs
Partnerships with national and local governments secure Bouygues roles in infrastructure, transport, energy and social housing projects, often under long-term concessions of 20–30 years. PPPs and concessions de-risk capital-intensive builds and lock recurring revenues through tariff or availability payments. Early stakeholder alignment accelerates permitting and land access, while co-financing with public lenders and banks improves project bankability and credit metrics.
Suppliers & subcontractors
Bouygues relies on global and regional suppliers for materials, equipment and specialist trades, with flexible subcontracting covering roughly 50% of on-site labour to manage peak workloads and niche capabilities. Strategic sourcing programs in 2024 targeted cost reductions and sustainability, while long-term agreements now cover over 70% of key material spend, stabilizing supply and feeding innovation pipelines.
Network & tech vendors
Alliances with telecom equipment makers, cloud providers and software firms let Bouygues coordinate 5G and fiber rollouts and core network evolution, aligning with 2024 network modernization priorities. Joint roadmaps cut integration risk and lower total cost of ownership through shared deployment schedules and standardized stacks. Co-innovation with vendors accelerates time-to-market for new services and enhances cybersecurity posture.
Media & content partners
Studios, producers, rights holders and distribution platforms supply TF1 with premium content that sustained TF1 Group’s c.20% primetime audience share in 2024, supporting higher CPMs and advertising revenue resilience.
Co-productions spread production cost and boost IP ownership—enabling syndication and format sales—while digital alliances pushed MYTF1 and OTT distribution across social platforms, raising reach and time‑spent metrics.
- Studios & producers: secure exclusive first-window content
- Rights holders: underpin sports/entertainment audience peaks
- Distribution platforms: extend reach to OTT/social
- Co-productions: reduce risk, increase IP control
Financial & ESG partners
Banks, insurers and green-finance institutions underwrite major Bouygues capex and project guarantees, linking access to liquidity and bond markets; the global green bond market remained above $400bn annually in 2024. Sustainability certifiers and NGOs boost credibility for low-carbon builds, while performance-linked financing ties margins to measurable ESG KPIs. Risk-sharing with financial partners improves resilience across cycles.
- Banks & insurers: project guarantees, liquidity
- Green finance: >$400bn market (2024)
- Certifiers/NGOs: credibility on low-carbon
- Performance-linked loans: align incentives
- Risk-sharing: cyclical resilience
Concessions 20–30 yrs, suppliers ~50%, green bonds $400bn+
Government concessions (20–30 yr) secure recurring revenue; suppliers and subcontractors cover ~50% of on-site labour and >70% of key material spend; banks and green finance (global green bond market >$400bn in 2024) and certifiers tie funding to ESG KPIs; TF1 content alliances sustained c.20% primetime share in 2024.
| Partner type | Key metric | 2024 |
|---|---|---|
| Governments | Concession length | 20–30 yrs |
| Suppliers/Subs | On-site labour / key spend | ~50% / >70% |
| Finance | Green bond market | >$400bn |
| Content | TF1 primetime | ~20% |
What is included in the product
Detailed Word Document
A ready-to-use Business Model Canvas for Bouygues detailing customer segments, channels, value propositions, key activities, partners, resources, cost structure and revenue streams, with SWOT-linked insights and polished presentation for investors and strategists.
Customizable Excel Spreadsheet
High-level view of Bouygues’ business model with editable cells to quickly identify core components and relieve analysis bottlenecks; perfect for boardrooms, team collaboration, or fast executive summaries.
Activities
Design & build
Bouygues delivers end-to-end engineering, procurement and construction for buildings and civil works, leveraging a global workforce of around 55,000 (2024) to prioritize safety, quality and on-time delivery. BIM and modular methods shorten schedules by up to 30% and can cut costs roughly 20%, compressing programs and risk. Post-delivery commissioning validates systems and performance, protecting lifecycle value and warranty exposure.
Roads & infrastructure
Colas, Bouygues' roads arm, leads road construction, maintenance and materials production, reporting about €13.7bn revenue and ~56,000 employees in 2023. Network upkeep contracts generate recurring activity and stable cash flow. Surfacing, rail, airport and urban mobility projects broaden market exposure. Materials labs develop higher-durability and lower-carbon mixes to cut lifecycle emissions.
Telecom network ops
Planning, deploying and operating Bouygues Telecom’s nationwide mobile and fixed networks supports over 20 million customers and tens of thousands of radio and fiber sites.
Spectrum utilization and 5G densification (96% population 5G coverage in 2024) plus FTTH rollout passing about 6 million premises drive capacity and ARPU potential.
Continuous optimization raises coverage, speed and reliability while field maintenance and SLAs ensure service levels and churn control.
Media production & ad sales
TF1 curates, produces and acquires multi-platform content, leveraging audience analytics to shape programming and scheduling; TF1 Group reported approximately €2.7bn revenue in 2024. Cross-media ad solutions and programmatic formats maximize yield across TV, digital and FAST channels. Branded content and sponsorships further diversify revenue and boost CPMs.
Lifecycle services & R&D
Lifecycle services and R&D combine Bouygues facilities management, energy-efficiency retrofits and infrastructure maintenance, using data-driven asset monitoring that reduces downtime and extends asset life; in 2024 Bouygues scaled pilots in low-carbon concrete, smart roads and network automation into commercial offerings.
- Facilities management & retrofits
- Data-driven monitoring
- Low-carbon concrete R&D
- Smart roads & network automation
- Pilots → standardized services
EPC, roads, telecom and media: 55,000 staff, 96% 5G coverage
Bouygues performs EPC for buildings and civil works with ~55,000 employees (2024), using BIM/modular methods to cut schedules ~30% and costs ~20%. Colas (2023 revenue €13.7bn, ~56,000 employees) delivers road construction, maintenance and materials with recurring network contracts. Bouygues Telecom serves ~20m customers, 96% 5G coverage (2024) and ~6m FTTH passed. TF1 (2024 revenue ~€2.7bn) produces and monetizes multi-platform content.
| Activity | Key metric (2023/24) |
|---|---|
| Construction EPC | 55,000 staff (2024) |
| Roads (Colas) | €13.7bn rev (2023), 56,000 staff |
| Telecom | ~20m customers, 96% 5G, 6m FTTH |
| Media (TF1) | €2.7bn rev (2024) |
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Resources
Skilled workforce
Bouygues relies on a skilled workforce—engineers, project managers, technicians, journalists and sales teams—within a group of about 130,000 employees (2023), enabling integrated delivery across construction, telecoms and media. A safety culture and sustained training investment (circa €200m in 2023) underpin execution quality and lower incident rates. Multidisciplinary talent enables complex cross-sector solutions, while a strong employer brand supports recruitment and retention.
Brands & relationships
Bouygues and its subsidiaries (Colas, TF1, Bouygues Telecom) benefit from strong national and growing international reputations, supported by a group workforce of about 120,000 and Colas operations in over 50 countries. Long-standing contracts with public authorities and enterprise clients underpin recurring construction and infrastructure revenues. TF1’s trusted brand delivers roughly 20% prime‑time audience share in France, boosting ad reach and pricing power. Bouygues Telecom’s retail footprint and digital channels serve ~20 million mobile customers, reinforcing loyalty.
Spectrum & networks
As of 2024 Bouygues holds licensed spectrum in 700/800/1800/2600/3500 MHz and a nationwide mobile and fixed infrastructure footprint; data centers, core network and edge sites power low-latency services; field fleets plus OSS/BSS orchestration ensure operations and service launch; an extensive fiber footprint underpins convergent mobile-fixed offers.
Equipment & materials
Bouygues relies on extensive construction machinery, asphalt plants, quarries and integrated logistics to deliver large civil and building projects, while modular yards and prefabrication facilities shorten schedules and reduce on-site waste. Proprietary asphalt mixes and construction methods improve durability and lower carbon intensity, and centralized tooling and depots enable rapid deployment across sites.
- machinery & plants
- modular yards & prefabrication
- proprietary mixes & depots
Capital & contracts
Bouygues leverages a strong balance sheet to fund capex and support bid bonds, with multi-year backlog providing revenue visibility and risk-sharing through concession and PPP agreements that generate durable, long-term cash flows. Intellectual property, operational data, and media rights complement physical assets, enhancing margins and creating recurring revenue streams. Financial discipline and diversified contract formats reduce working capital volatility and support strategic investments.
- Balance sheet strength: funds capex/bid bonds
- Multi-year backlog: revenue visibility
- Concessions/PPPs: durable cash flows
- IP/data/media rights: asset augmentation
Group assets: 130,000, 20M mobile users
Bouygues’ key resources combine ~130,000 employees (2023), cross‑sector brands (TF1 ~20% prime‑time share), Bouygues Telecom ~20M mobile customers, licensed spectrum (700/800/1800/2600/3500 MHz) and heavy assets (plants, fleets, prefabs). Safety/training spend ~€200m (2023) and strong balance sheet/backlog support capex and concessions.
| Resource | Metric |
|---|---|
| Employees | ~130,000 (2023) |
| Mobile customers | ~20M |
| TF1 primetime | ~20% share |
| Training/safety | ~€200m (2023) |
| Spectrum | 700/800/1800/2600/3500 MHz |
Value Propositions
Turnkey delivery
Integrated design-build-manage delivery reduces interfaces and risk, with Bouygues reporting a 2023 group revenue of €37.0bn, reflecting scale to absorb project volatility; single accountability streamlines decisions and limits delays, supported by industry data showing integrated projects can cut delivery time by around 15–20%; guaranteed performance and warranties de-risk outcomes and faster time-to-operations boosts client ROI through earlier revenue capture.
Reliable connectivity
Bouygues delivers nationwide 4G (≈99% population) and expanding 5G coverage (≈80% in 2024) alongside growing FTTH fiber reach (≈80% of homes), offering competitive pricing and quad-play bundles that simplify billing and cut household telecom costs; transparent plans and high-touch customer service build trust, while steady CAPEX and network upgrades keep capacity and latency aligned with future demand.
Compelling media reach
TF1 delivers mass audiences and targeted segments, averaging a 22% prime-time audience share in 2024 and reaching millions weekly; premium TV and digital content drives high engagement across linear and streaming platforms. Data-driven ad products—leveraging first-party viewer data and addressable TV—boost advertiser ROI through precision targeting and measurement. Brand-safe editorial environments and compliance frameworks protect advertiser reputation, supporting sustained ad spend and premium CPMs.
Sustainable solutions
Sustainable solutions integrate low-carbon materials, energy-efficient designs and circular practices to cut operational emissions in a sector where buildings represent ~40% of EU energy use and 36% of CO2 emissions (EU Commission). Certifications and KPIs (e.g., EPC, BREEAM scores, CO2e per m2) demonstrate impact, lower lifecycle costs via energy savings and resilience, and simplify compliance with evolving regulations.
- low-carbon materials — reduces embodied CO2 and supports procurement targets
- energy-efficient design — drives operational savings and higher EPC/BREEAM ratings
- circular practices & KPIs — measurable waste reduction and regulatory alignment
Resilience & scale
Bouygues leverages a diversified portfolio across construction, telecoms and media to smooth sector cycles, supporting resilience while a 2024 group revenue of €39.5bn and ~128,000 employees underpin scale. Centralised procurement lowers input costs and secures supply; cross-business synergies enable bundled offers and long-term partnerships ensure consistent quality.
- diversification: multi-sector exposure
- scale: €39.5bn revenue (2024)
- procurement: lower unit costs
- synergies: bundled solutions
- partnerships: stable quality
Integrated design-build-manage cuts interfaces, speeds delivery and de-risks telecom ROI
Integrated design-build-manage reduces interfaces and risk, single accountability speeds delivery and de-risks ROI.
Nationwide telecom reach: 4G ≈99% pop, 5G ≈80% (2024), FTTH ≈80% homes; quad-play bundles cut household costs.
TF1 reaches ~22% prime-time share (2024) with addressable TV and first-party data boosting ad ROI.
| Metric | 2024 |
|---|---|
| Group revenue | €39.5bn |
| Employees | ~128,000 |
Customer Relationships
Key account management
Dedicated key-account teams serve governments, developers and large enterprises, with structured governance and regular reporting to ensure transparency. Early engagement in 2024 inputs client requirements to shape scope and budget, reducing change orders and time overruns. Post-project reviews feed lessons learned back into delivery and commercial teams to raise margins and client retention. Reporting cadence includes quarterly executive reviews and client scorecards.
SLAs & service desks
Contracted performance levels for networks and facilities are expressed in strict SLAs (eg. 99.99% uptime, ~52.56 minutes downtime/year) to anchor service delivery and penalties. 24/7 support and incident response (24x365) ensure continuous coverage and rapid mobilization. Proactive monitoring and automated alerts reduce incident frequency and mean time to detection, while clear escalation paths preserve uptime and contractual guarantees.
Digital self-service
Portals and apps handle billing, orders and usage for Bouygues, serving ≈20 million mobile customers in 2024 and streamlining transactions and upsells. Real-time tracking and push notifications give users control over orders and consumption, reducing inquiry volumes. Comprehensive knowledge bases enable fast self-resolution, while frictionless digital journeys lift satisfaction and lower service costs, with digital contacts exceeding 50% of interactions in 2024.
Loyalty & retention
- Convergent bundles: ARPU lift
- Rewards & handsets: higher retention
- Targeted win-back: AI-driven
- Tenure benefits: increased LTV
Community engagement
- Audience: TF1 reach ~20% prime-time (2024)
- Ownership: Bouygues stake ~43%
- Operations: Bouygues Construction in 60+ countries
- Engagement: open days, consultations, CSR to reduce disruption
Key-account teams, 99.99% SLAs and AI cross-sell lift ARPU across 20m mobile users
Dedicated key-account teams with quarterly executive reviews serve governments, developers and large enterprises; early 2024 engagement reduces change orders and overruns. Contracted SLAs (eg. 99.99% uptime) plus 24x365 incident response preserve availability. Digital portals (≈20m mobile users) and AI cross-sell lifted ARPU; Bouygues Telecom revenue €8.9bn (2024).
| Metric | 2024 |
|---|---|
| Mobile customers | ≈20m |
| Telecom rev | €8.9bn |
| TF1 prime-time reach | ≈20% |
Channels
Public tenders
Public tenders are Bouygues' formal procurement route for infrastructure and public buildings, leveraging rigorous compliance and documentation to secure awards; competitive dialogue refines technical solutions during bid stages. Public procurement represents about 14% of EU GDP (Eurostat) and Bouygues Construction reported revenue of roughly €12.6bn in 2023, with framework agreements used to streamline repeat awards and shorten delivery cycles.
Enterprise sales
Enterprise sales drive Bouygues B2B revenue via direct sales across telecom, energy services and construction, leveraging solution consultants who tailor offers to client needs; Bouygues group reported approximately €36.1 billion revenue in 2024, anchoring these segments. Account-based marketing nurtures high-value pipelines and joint workshops accelerate procurement decisions and contract closure.
Retail & e-commerce
Bouygues Telecom leverages its network of over 800 stores, partner retailers, a transactional website and mobile app to drive sales and service in 2024. Seamless onboarding and device financing options (including deferred payment plans) shorten conversion cycles and raise ARPU. Click-and-collect and home delivery meet omni-channel demand while digital-first support (chatbots, in-app self-care) reduces cost-to-serve and improves NPS.
Broadcast & OTT
TF1 channels and MyTF1 distribute broadcast and OTT content across linear TV and streaming, with TF1 holding a leading prime-time audience share of about 18% in France (2023). Catch-up and streaming extend reach beyond live viewers, while programmatic and direct ad sales monetize inventory. Strategic partnerships and syndication amplify distribution to international platforms and FAST channels.
- TF1 ~18% prime-time share (2023)
- Linear + MyTF1 = multi-platform reach
- Programmatic + direct sales monetize ads
- Partnerships syndicate content globally
Alliances & distributors
- Dealer networks: retail reach
- MVNOs: subscriber scale
- Co-marketing: device bundles
- Construction JVs: expanded coverage
- Wholesale: incremental demand
Tenders and enterprise scale drive infra, telecom and media growth:€36.1bn
Public tenders and framework agreements secure large infra contracts; construction revenue ~€12.6bn (Bouygues Construction 2023). Enterprise sales across construction, energy and telecom draw on group scale €36.1bn (2024) to close B2B deals. Bouygues Telecom uses 800+ stores, web/app and device finance to serve ~12M mobile customers (2024). TF1 reaches ~18% prime-time share (2023) via linear + MyTF1 OTT.
| Channel | Key metric | 2023/24 |
|---|---|---|
| Public procurement | Construction rev | €12.6bn (2023) |
| Enterprise sales | Group revenue | €36.1bn (2024) |
| Retail & digital | Mobile subs / stores | 12M / 800+ (2024) |
| Media | Prime-time share | ~18% (2023) |
Customer Segments
Public authorities
National, regional and municipal buyers of infrastructure demand reliability, strict compliance and lifecycle value, often commissioning multi-year contracts and assets with long service horizons. Public procurement accounts for about 14% of EU GDP, underlining the scale of this segment. These authorities seek partners for complex PPPs and concessions and value transparent reporting and measurable ESG outcomes in delivery.
Large enterprises
Large enterprises require campuses, data centers and secure connectivity across multi-site footprints, with strong emphasis on integration and compliance. They demand tight SLAs and scalable delivery models to support growth and resilience; Gartner forecasts global enterprise IT spending at about $4.7 trillion in 2024. Long-term, multi-year contracts favor stability and predictable CAPEX/OPEX planning.
Households
Household customers demand mobile, fiber and bundled offers, in a French market of about 67.4 million people and mobile penetration near 117%, prioritizing price while expecting high quality and coverage. Device financing plans and loyalty perks materially influence ARPU and churn. Simple online self‑service and rapid fault resolution are critical to retention and cost control.
Advertisers & agencies
Advertisers and agencies targeting mass and niche audiences demand brand safety and measurable ROI; France’s ad market was about €11.8bn in 2024, with TV remaining a core reach channel alongside fast-growing digital formats. Campaigns blend TV and programmatic digital buys, and seasonal peaks (Q4, summer events) drive dynamic inventory and pricing strategies.
- Mass and niche targeting
- Brand safety & measurable ROI
- TV + digital mix
- Seasonal inventory peaks (Q4, events)
Developers & operators
Real-estate developers, concessionaires and infrastructure owners seek Bouygues for turnkey builds and long-term maintenance, prioritising performance guarantees and flexible financing; they favour partners with proven scale and track record, making large-cap contractors ideal for complex, high-capex projects.
- Customer: developers, concessionaires, owners
- Needs: turnkey delivery + maintenance
- Value: performance guarantees, financing
- Preference: scale, proven track record
Integrated connectivity for PPPs, enterprises, French households and advertisers
Bouygues serves public buyers (public procurement ~14% EU GDP) for long‑horizon PPPs with strict ESG reporting; large enterprises (global IT spend ~$4.7T in 2024) demand integrated, SLA-backed multi‑site solutions; households in France (pop. 67.4M, mobile penetration ~117%) prioritize price, coverage and low churn; advertisers target reach in a €11.8bn French ad market (2024).
| Segment | 2024 metric | Contract |
|---|---|---|
| Public | 14% EU GDP | Multi‑year PPPs |
| Enterprise | $4.7T IT spend | Long SLAs |
| Households | 67.4M; 117% mobile | Retail plans |
| Advertisers | €11.8bn | Campaign buys |
Cost Structure
Materials & equipment
Materials and equipment costs center on concrete, steel, asphalt and specialized components, with fleet purchase, leasing and maintenance driving significant capex and opex. Volatility in input prices is managed through hedging and multi-year supply contracts and indexation clauses. Logistics and fuel materially add to unit costs—EU average diesel retail price in 2024 was about €1.62 per liter—raising transport and machine running expenses.
Labor & subcontracting
Labor & subcontracting costs center on skilled workforce wages, training and safety programs for Bouygues, which employs over 100,000 people (2024) and faces French employer social charges around 45% of gross payroll. Flexible subcontracting covers peak demand and specialist trades, often accounting for significant variable spend. Site supervision and quality control add fixed on-site staffing and compliance costs tied to certifications and labor law enforcement.
Network & spectrum
Bouygues allocates heavy capex to 5G, fiber and core upgrades—Bouygues Telecom reported roughly €1.1bn of network investments in 2023. 5G spectrum acquisition in France raised €2.79bn in 2020, while operators face ongoing annual spectrum fees typically in the tens of millions of euros. Site rental, power and backhaul are material recurring opex; software licensing and cybersecurity represent growing multi‑million euro annual budgets to protect and orchestrate the network.
Content & distribution
Programming acquisition and in-house production represent the largest content cost bucket, driven by licence fees and production crews.
Rights management and royalties require ongoing legal and payout mechanisms, especially for sports and scripted franchises.
Broadcast transmission and CDN expenses scale with HD/streaming traffic and peak-hour capacity requirements.
Marketing to build audiences focuses spend on promos, digital acquisition and partnerships to boost reach.
Overheads & R&D
- Corporate/IT/real estate: central overheads
- Insurance/guarantees/finance: material margin impact
- ESG reporting & certifications: increasing 2024 compliance costs
- R&D: focused on low-carbon and automation
Materials, labor and 5G spectrum costs drive major capex/opex for €39.5bn group
Materials, fleet and logistics (EU diesel €1.62/l in 2024) drive large capex/opex with hedges and multi‑year supply contracts.
Labor and subcontracting dominate personnel spend for 100,000+ employees (2024) with ~45% French employer charges and training/safety costs.
Network and content capex/royalties (Bouygues Telecom ~€1.1bn network capex 2023; 5G spectrum €2.79bn) plus marketing and ESG compliance shape fixed/variable mix.
| Metric | Value |
|---|---|
| Group revenue 2024 | €39.5bn |
| Employees 2024 | 100,000+ |
| EU diesel 2024 | €1.62/l |
| Network capex 2023 | €1.1bn |
| 5G spectrum | €2.79bn |
Revenue Streams
Construction contracts
Bouygues monetizes construction contracts through fixed-price, unit-rate and design-build agreements, with milestone billing aligning cash flow to project progress and reducing working capital strain. Variations and claims are handled under formal contract clauses. International projects (operations in 80+ countries) diversify the revenue mix and support a backlog around €30bn (end-2023).
Maintenance & services
Maintenance & services bundle facilities management, road upkeep and energy services, tapping a European FM market >€200bn in 2024; multi-year contracts drive predictable recurring revenue, while performance-based payments align cashflows to outcomes and incentivize efficiency. Upsell add-ons and technical upgrades grow wallet share and margin.
Telecom subscriptions
Bouygues Telecom monetizes mobile, fiber and convergent B2C/B2B bundles (c.13.5M mobile and 3.2M fiber subscribers in 2024) driving scale; convergent offers lift retention and upsell. ARPU is boosted by options and device financing (typical uplift c.€5–7/month). Wholesale and MVNO fees contribute roughly 8% of connectivity revenue, while roaming and value‑added services add ~4% margin.
Advertising & content
Bouygues leverages TV (via TF1), digital and programmatic ad sales to monetize audiences across linear and connected screens; sponsorships, product placement and branded-content deals further diversify ad revenue. Content licensing and distribution deals extend value to international markets and OTT platforms. In 2024 data-driven targeting lifted CPMs, improving yield per impression.
- TV + programmatic
- Sponsorships & product placement
- Content licensing & distribution
- First‑party data → higher CPMs (2024)
Concessions & PPP income
Availability payments and revenue shares from Bouygues long-term concessions deliver predictable cashflows, often tied to performance and usage; index-linked clauses hedge inflation (Euro area inflation ~2.4% in 2024, Eurostat). O&M fees underpin steady recurring income while asset recycling (sale of mature assets) frees capital for new projects and growth.
- Availability payments
- Index-linked revenues (2024 inflation ~2.4%)
- O&M recurring fees
- Asset recycling unlocks capital
Infrastructure group: strong backlog, telecom growth and index-linked concession cashflows
Bouygues earns project revenue via fixed-price/unit-rate/design-build contracts (backlog ~€30bn end-2023), recurring FM and O&M (European FM market >€200bn 2024), Bouygues Telecom connectivity (c.13.5M mobile, 3.2M fiber subs 2024) and TF1-led advertising/licensing; concessions deliver availability/index-linked cashflows (Euro area inflation ~2.4% 2024).
| Stream | Key metric (2023/2024) |
|---|---|
| Construction backlog | ~€30bn (end-2023) |
| FM market | >€200bn (2024) |
| Telecom subs | 13.5M mobile, 3.2M fiber (2024) |
| Inflation (indexing) | ~2.4% Euro area (2024) |