Statistics Explained

Eurostatistics - data for short-term economic analysis

This is the stable Version.


Data extracted on 20 August 2024.

Planned article update: 25 September 2024.

Latest macroeconomic developments

Highlights


In the second quarter of 2024, GDP in the euro area expanded (when compared with the previous quarter), rising at the same rate as in the first quarter of 2024 (up 0.3% in both periods).

Compared with the previous month, in July 2024 euro area annual inflation rose slightly, while economic sentiment fell marginally and employment expectations fell more strongly.

In June 2024, industrial production in the euro area decreased marginally (compared with the previous month), while retail trade sales also decreased.


Screenshot of an interactive visualisation for Eurostatistics data.

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This monthly article gives a picture of the macroeconomic situation in the euro area, the European Union (EU) and the EU countries, showing relevant indicators of production, demand, labour and prices, as well as interest and exchange rates. These are based on the principal European economic indicators (PEEIs). Note that rates of change for all monetary indicators (such as gross domestic product (GDP), industrial production and retail sales) are presented in real terms, in other words, after removing the impact of price changes.

The article is complemented by a data visualisation offering additional indicators and interactive graphs; it also includes links to source data. Looking for the freshest information? Real-time updates of data can be found in the form of graphs and tables in the Euro indicators dashboard with advanced functionalities to explore and download them.

Based on the figures available on 20 August 2024, the economic situation in the euro area and the EU is characterised by

  • an increase in GDP in the second quarter of 2024
  • an increase in inflation (as measured by the all-items harmonised index of consumer prices (HICP)) in July 2024
  • a slight decrease in industrial production in June 2024 in the euro area and no change in the EU
  • an increase in production in construction in June 2024
  • a decrease in retail trade sales in June 2024
  • a slight increase in the unemployment rate in June 2024 in the euro area and an unchanged rate in the EU
  • almost unchanged economic sentiment (a slight decrease in the euro area and a slight increase in the EU) in July 2024 and a decrease in the level of employment expectations.

To summarise, the indicators continue to show mixed signals regarding the economic situation in both the euro area and the EU. Positive developments include GDP growth and an increase in construction production, while negative outcomes are evident in rising inflation, declining retail trade sales and falling employment expectations. Additionally, industrial production, unemployment and economic sentiment remained broadly stable or unchanged.

Full article


Situation in the euro area and the EU

In the second quarter of 2024, seasonally adjusted GDP increased by 0.3% quarter on quarter in both the euro area and the EU. For comparison, a similar increase had been observed in the first quarter in both the euro area and the EU. Compared with the second quarter of the previous year, GDP was 0.6% higher in the second quarter of 2024 in the euro area and 0.8% higher in the EU.

In June 2024, seasonally adjusted industrial production decreased month on month by 0.1% in the euro area and was unchanged in the EU. In the previous month, it had decreased by 0.9% in the euro area and by 1.2% in the EU. Compared with June 2023, industrial output was 3.9% lower in June 2024 in the euro area and 3.2% lower in the EU.

In July 2024, the economic sentiment indicator decreased marginally in the euro area, down 0.1 points (pp) to 95.8 points; it increased marginally (up 0.1 points) to 96.4 points in the EU. This slight decrease in the euro area was due to declines in industry, services and retail trade confidence, which were almost offset by improved confidence in construction and among consumers.

Line chart showing euro area rates of change for GDP and industrial production as well as the economic sentiment indicator over the latest 13-month period.
Figure 1: Economic sentiment and rates of change for output indicators, euro area, July 2023 to July 2024
Source: Eurostat (namq_10_gdp), (ei_isir_m) and (ei_bssi_m_r2) and DG Economic and Financial Affairs (ECFIN)

In the euro area, the annual inflation rate fell from a peak of 10.6% in October 2022 through 5.3% a year ago (July 2023) to 2.6% in July 2024; in the EU, it fell from a peak of 11.5% in October 2022 through 6.1% a year ago (July 2023) to 2.8% in July 2024. There was an upturn in euro area and EU inflation rates in December 2023 and again in May and July 2024.

According to the latest data from Eurostat, the annual inflation rate (based on the HICP) in the euro area was 2.6% in July 2024, up from 2.5% in the previous month. The category of services recorded the highest annual rate in July 2024 (prices were up 4.0%, down from 4.1% in the previous month), followed at some distance by food, alcohol and tobacco (up 2.3% after an increase of 2.4% in the previous month) and non-energy industrial goods (up 0.7% after the same increase in the previous month). After a series of 12 negative rates, the annual rate for energy turned positive in May 2024 (up 0.3%) and this was followed by positive rates in June (0.2%) and July (1.2%). In the EU, annual inflation was 2.8% in July 2024, which was also an increase from the rate in the previous month (2.6%).

Compared with a year earlier, industrial producer prices in June 2024 were 3.2% lower in the euro area and 3.1% lower in the EU; in May 2024, they had been, respectively, 4.1% and 3.9% lower than a year earlier. Month on month, industrial producer prices increased in June 2024 by 0.5% in both the euro area and the EU; these increases reversed smaller decreases observed in the previous month (down 0.2% in both the euro area and the EU).

Compared with a year earlier, industrial import prices in June 2024 were 0.3% higher in the euro area. On the basis of a month-on-month comparison, industrial import prices increased 0.5% in June 2024 in the euro area. Compared with a year earlier, these prices in the EU were 0.9% lower in May 2024; they were 0.2% lower on the basis of a month-on-month comparison.

Line chart showing euro area rates of change for industrial producer prices and industrial import prices as well as the HICP-based inflation rate over the latest 13-month period.
Figure 2: Rates of change for prices, euro area, July 2023 to July 2024
(%)
Source: Eurostat (ei_isir_m) and (ei_cphi_m)

In the first quarter of 2024

  • private final consumption expenditure increased quarter on quarter by 0.2% in the euro area and by 0.3% in the EU (after an increase of 0.2% in both the euro area and the EU in the previous quarter)
  • government final consumption expenditure decreased marginally (down 0.1%) compared with the final quarter of 2023 in the euro area and was unchanged in the EU (after increases of 0.6% in the euro area and 0.5% in the EU in the previous quarter)
  • gross fixed capital formation (investment) decreased quarter on quarter by 1.4% in the euro area and by 1.3% in the EU (after increases of 0.7% in the euro area and 0.5% in the EU in the previous quarter).

In June 2024, the seasonally adjusted volume of sales in retail trade decreased month on month by 0.3% in the euro area and by 0.1% in the EU, following on from a marginal increase (up 0.1%) in the previous month in both the euro area and the EU.

Line chart showing euro area rates of change for private final consumption, investment and retail trade volume of sales over the latest 12-month period.
Figure 3: Rates of change for demand indicators, euro area, July 2023 to June 2024
(%)
Source: Eurostat (namq_10_gdp) and (ei_isrr_m)

In June 2024, the seasonally adjusted unemployment rate was 6.5% in the euro area, up from 6.4% in the previous month. In the EU, the rate remained at 6.0%; the rate in the EU has been 6.0% or 6.1% since June 2022. Compared with June 2023, unemployment in June 2024 was higher by 81 000 people in the euro area, whereas it was higher by 188 000 people in the EU. In June 2024, the youth unemployment rate (for people aged 15–24 years) was 14.1% in the euro area, down from 14.2% in the previous month. In the EU, the rate was 14.4%, down from 14.5% in the previous month. The rate for people aged 25 years or older was 5.7% in the euro area, up from 5.6% in the previous month, while it was 5.2% in the EU, unchanged from the previous month.

In the second quarter of 2024, the number of people in employment increased by 0.2% in both the euro area and the EU compared with the previous quarter, following increases in the first quarter of 0.3% in both the euro area and the EU. Compared with the second quarter of 2023, employment in the second quarter of 2024 was 1.0% higher in both the euro area and the EU.

Compared with the previous quarter, hourly labour costs increased by 1.2% in the euro area and 1.5% in the EU in the first quarter of 2024; in the fourth quarter of 2023, there had been increases of 1.1% in the euro area and 1.2% in the EU. Compared with the first quarter of 2023, hourly labour costs in the first quarter of 2024 were 5.1% higher in the euro area and 5.5% higher in the EU.

The employment expectations indicator, as measured by business and consumer surveys, decreased 1.8 points to 97.8 in the euro area in July 2024 and 1.6 points to 98.7 in the EU, remaining below their long-term averages of 100. This decline in the euro are was due to a notable worsening of employment plans among industry and services managers in the EU. In retail trade, managers' employment plans remained unchanged, while construction managers revised their employment plans upwards.

Line chart showing euro area data for the unemployment rate and rates of change for employment and the labour cost index over the latest 12-month period.
Figure 4: Labour indicator rates, euro area, July 2023 to June 2024
(%)
Source: Eurostat (namq_10_a10_e), (ei_lmlc_q) and (ei_lmhr_m)

Interest rates

On 18 July 2024, the Governing Council of the European Central Bank (ECB) decided to keep the 3 key ECB interest rates unchanged. Accordingly, the interest rates on the main refinancing operations, the marginal lending facility and the deposit facility remained at 4.25%, 4.50% and 3.75%, respectively.

The euro area's 3-month interest rate, the Euro Interbank Offered Rate (Euribor), decreased to 3.68% in July 2024, down from 3.72% in the previous month. Long-term interest rates (monthly average weighted 10-year government bond yields) of the euro area decreased to 3.06% in July 2024 from 3.11% in the previous month. The EU's long-term interest rates on government bonds decreased to 3.38% in July 2024, down from 3.43% in the previous month.

Exchange rates

In July 2024 (compared with the previous month), the monthly averages of day-to-day exchange rates were as follows

  • euro-US dollar: USD 1.0844 (up from USD 1.0759)
  • euro-Japanese yen: JPY 171.17 (up from JPY 169.81)
  • euro-Swiss franc: CHF 0.9676 (up from CHF 0.9616).
Line chart showing euro area data for the 3-month interest rate, average long-term government bond yields and the euro-dollar exchange rate over the latest 13-month period.
Figure 5: Financial indicators, euro area, July 2023 to July 2024
Source: Eurostat (ei_mfir_m) and (ei_mfrt_m) and the European Central Bank (ECB)

Latest macroeconomic forecasts

The latest available forecasts by 4 international organisations – the European Commission (EC) [1], the ECB [2], the Organisation for Economic Co-operation and Development (OECD) [3] and the International Monetary Fund (IMF) confirmed for the euro area moderate economic growth in 2024, with growth forecasted to approximately double in 2025. The growth forecast for 2024 was revised upwards by the ECB, the OECD and the IMF in their latest forecasts compared with their previous ones; the European Commission left its forecast unchanged. Annual growth in the euro area is projected to be higher in 2025 than in 2024. The growth forecast for 2025 was revised downwards by the European Commission and the ECB, the IMF's forecast was unchanged, while the OECD revised its forecast upwards. Two of these organisations – the European Commission and the OECD – revised their inflation forecasts for 2024 downwards in their latest forecasts; the IMF's forecast was unchanged, while the ECB revised its forecast upwards. Annual inflation in the euro area is projected to be lower in 2025 than in 2024. Overall, the European Commission forecasts a gradual expansion amid high geopolitical risks.

Table showing a comparison between the 2 latest forecasts from the European Commission, the European Central Bank, the International Monetary Fund and the Organisation for Economic Co-operation and Development. The data displayed are forecasts for the euro area for GDP and inflation for 2024 and 2025.
Table 1: Overview of macroeconomic forecasts, euro area, 2024 and 2025
(%)
Source: European Commission Economic Forecast, ECB Macroeconomic Projections, IMF World Economic Outlook, OECD Economic Outlook

According to the latest information, euro area economic growth (based on real changes in GDP) is forecasted to be 0.7% (the OECD), 0.8% (the European Commission) or 0.9% (the IMF and the ECB) for 2024. For 2025, economic growth is forecasted to be 1.4% (the European Commission and the ECB) or 1.5% (the IMF and the OECD).

Compared with its previous forecast in winter 2024, the European Commission revised down its forecast for annual inflation rates in the euro area for 2024 (to 2.5% from 2.7%) and 2025 (to 2.1% from 2.2%) in its spring 2024 forecast. In June 2024, the ECB forecasted euro area annual inflation of 2.5% for 2024 (revised up from 2.3% in the previous forecast), while it also revised up its forecast for 2025 to 2.2% from 2.0%. In July 2024, the IMF forecasted an annual inflation rate for the euro area of 2.4% for 2024 (unchanged from its previous forecast), followed by a lower rate of 2.1% for 2025 (also unchanged from its previous forecast). In its report in May 2024, the OECD updated its inflation forecast for 2024 to 2.3% (revised down from 2.6% in its previous forecast) and maintained its forecast for 2025 at 2.2%.

Following a prolonged period of stagnation and a mild recession in the second half of 2023, growth returned to the euro area's economy at the start of 2024. A gradual acceleration in growth is expected over the course of 2024 and 2025 as private consumption is supported by declining inflation, recovering purchasing power and continued employment growth. The improved outlook for global trade in goods should support external trade, helping to lift the prospects of the weakened manufacturing sector. Nevertheless, global trade and energy markets appear particularly vulnerable in the context of external risks.

Read more under Latest forecasts indicate a gradual expansion amid high geopolitical risks in the data visualisation.

Situation in the EU countries

In the second quarter of 2024, changes in GDP showed a generally upward development among the EU countries [4]. Based on the latest quarter-on-quarter rates of change, GDP increased in the second quarter of 2024 in 17 countries, remained stable in 1 and decreased in 4 (second quarter data are not available for 5 countries at the time of writing). Poland (up 1.5%) and Ireland (up 1.2%) recorded the largest increases of GDP. The largest decrease was observed in Latvia (down 1.1%).

The highest estimated annual inflation rates (based on the HICP) [5] in July 2024 were recorded in Romania (5.8%), Belgium (5.4%), Hungary (4.1%) and Poland (4.0%). The lowest inflation rates were recorded in Finland (0.5%) and Latvia (0.8%).

In June 2024, the lowest unemployment rates were recorded in Czechia (2.7%), Poland (3.0%), Malta and Slovenia (both 3.1%). The highest rates were in Spain (11.5%) and Greece (9.6%). Eurostat estimates that 13.3 million people in the EU were unemployed in June 2024, of which 11.1 million in the euro area.

In July 2024, the economic sentiment indicator showed a generally downward development among the EU countries, increasing in 8 and decreasing in 18 (Ireland, no data available). The strongest increase was in Estonia (up 3.3 points), while the strongest decrease was in Luxembourg (down 6.5 points). The index level of the economic sentiment indicator (with a long-term average = 100) varied from 86.5 points in Austria to 106.8 points in Greece.

Country in focus – Romania


The economy in Romania expanded slightly in the second quarter of 2024: quarter on quarter, GDP increased by 0.1%, following on from an increase of 0.5% in the previous quarter. GDP was 0.8% higher in the second quarter of 2024 than a year earlier.

Industrial production increased month on month by 4.0% in June 2024, after a decrease of 6.2% in the previous month.

In July 2024, the economic sentiment indicator decreased by 1.7 points to 102.5 points, after an increase of the same amount in the previous month.

Annual inflation increased to 5.8% in July 2024 from 5.3% in the previous month. It was down from 8.9% a year earlier (July 2023) and from its peak of 14.6% in November 2022.

Industrial producer prices were 0.9% higher in June 2024 than a year earlier and 1.9% higher than the previous month.

The volume of retail sales increased month on month by 1.8% in June 2024 and these sales were 10.2% higher than a year earlier.

The unemployment rate in June 2024 was 5.5%, up marginally (from 5.4%) in the previous month. In June 2024, 447 000 people were unemployed.

Line chart showing rates of change for GDP and industrial production as well as the economic sentiment indicator in Romania over the latest 13-month period.
Figure 6: Economic sentiment and rates of change for output indicators, Romania, July 2023 to July 2024
Source: Eurostat (namq_10_gdp), (ei_isir_m) and (ei_bssi_m_r2) and DG Economic and Financial Affairs (ECFIN)


Line chart showing rates of change for industrial producer prices and industrial import prices as well as the HICP-based inflation rate for Romania over the latest 13-month period.
Figure 7: Rates of change for prices, Romania, July 2023 to July 2024
(%)
Source: Eurostat (ei_isir_m) and (ei_cphi_m)


Line chart showing rates of change for private final consumption, investment and retail trade volume of sales for Romania over the latest 12-month period.
Figure 8: Rates of change for demand indicators, Romania, July 2023 to June 2024
(%)
Source: Eurostat (namq_10_gdp) and (ei_isrr_m)


Line chart showing data for the unemployment rate and rates of change for employment and the labour cost index for Romania over the latest 12-month period.
Figure 9: Labour indicator rates, Romania, July 2023 to June 2024
(%)
Source: Eurostat (namq_10_a10_e), (ei_lmlc_q) and (ei_lmhr_m)

Situation in the largest EU economies

  • All except 1 of the 6 largest EU economies recorded quarter-on-quarter growth in GDP in the second quarter of 2024, with the highest growth rate at 1.5% in Poland and the lowest at 0.2% in Italy. The exception was Germany where a slight decrease (down 0.1%) was recorded in the second quarter of 2024.
  • In July 2024, the annual inflation rate was considerably lower than the previous month in Spain, but was higher in the remaining 5 largest economies. The highest annual inflation rate among these economies was recorded in Poland (4.0%); the lowest rate was in Italy (1.6%).
  • The latest unemployment rates are for June 2024: these were the same as in the previous month in 4 of the largest EU economies, marginally higher in Italy and marginally lower in Spain. Spain recorded the highest unemployment rate (11.5%) and Poland the lowest (3.0%).
  • Economic sentiment increased in Germany, Spain and Italy in July 2024 and decreased in the other 3 economies. The highest index level (with a long-term average = 100) was recorded in Spain (104.1 points).
Table showing a comparison between data for the last 2 reference periods available for the euro area, the EU, and the 6 largest economies: Germany, Spain, France, Italy, the Netherlands and Poland. The data displayed are the change in GDP (compared with the previous quarter and compared with the same quarter of the previous year), the annual inflation rate, the unemployment rate and the economic sentiment indicator.
Table 2: Overview of recent rates, euro area, EU and largest EU economies, May to July 2024 or quarters 1 and 2 2024
Source: Eurostat (namq_10_gdp), (ei_cphi_m), (ei_lmhr_m) and (ei_bssi_m_r2) and DG Economic and Financial Affairs (ECFIN)

Country in focus – the Netherlands


Compared with the previous quarter, GDP in the Netherlands expanded by 1.0% in the second quarter of 2024; this followed on from a decrease of 0.3% in the previous quarter. GDP was 0.6% higher in the second quarter of 2024 than a year earlier.

Industrial production expanded month on month in June 2024, up 0.9% after a decrease of 0.3% in the previous month. Overall, industrial production was 3.3% lower in June 2024 than a year earlier.

In July 2024, the economic sentiment indicator decreased by 0.2 points to 99.6 points, having increased 0.5 points in the previous month.

The annual inflation rate was 3.5% in July 2024, up from3.4% in the previous month and 2.7% two months earlier. It was down from 5.3% a year earlier (July 2023) and from its peak of 17.1% in September 2022.

Industrial producer prices were 3.0% lower in June 2024 than a year earlier and 0.2% higher than the previous month.

The volume of retail sales decreased in June 2024, down 1.4%, following on from an increase of 0.6% in the previous month.

An unemployment rate of 3.6% was recorded in July 2024, unchanged from the previous month. In July 2024, 370 000 people were unemployed in the Netherlands, of which 156 000 were young people (aged under 25 years).

Line chart showing rates of change for GDP and industrial production as well as the economic sentiment indicator in the Netherlands over the latest 13-month period.
Figure 10: Economic sentiment and rates of change for output indicators, the Netherlands, July 2023 to July 2024
Source: Eurostat (namq_10_gdp), (ei_isir_m) and (ei_bssi_m_r2) and DG Economic and Financial Affairs (ECFIN)


Line chart showing rates of change for industrial producer prices and industrial import prices as well as the HICP-based inflation rate for the Netherlands over the latest 13-month period.
Figure 11: Rates of change for prices, the Netherlands, July 2023 to July 2024
(%)
Source: Eurostat (ei_isir_m) and (ei_cphi_m)


Line chart showing rates of change for private final consumption, investment and retail trade volume of sales for the Netherlands over the latest 12-month period.
Figure 12: Rates of change for demand indicators, the Netherlands, July 2023 to June 2024
(%)
Source: Eurostat (namq_10_gdp) and (ei_isrr_m)


Line chart showing data for the unemployment rate and rates of change for employment and the labour cost index for the Netherlands over the latest 13-month period.
Figure 13: Labour indicator rates, the Netherlands, July 2023 to July 2024
(%)
Source: Eurostat (namq_10_a10_e), (ei_lmlc_q) and (ei_lmhr_m)

International context

Situation in the EFTA countries

  • Compared with the previous quarter, GDP expanded in the first quarter of 2024 in Switzerland (up 0.5%) and Norway (up 0.2%), while it contracted in Iceland (down 0.9%).
  • In July 2024, Iceland recorded the highest annual inflation rate (5.1%), followed by Norway (2.4%) and Switzerland (1.2%). The rates for Iceland and Norway were marginally higher than in the previous month, while the rate for Switzerland was marginally lower.
  • In June 2024, the unemployment rate was unchanged in Norway (at 4.1%). In March 2024, the unemployment rate was 4.1% in Switzerland, while in February 2024 it was 3.5% in Iceland.
Table showing a comparison between data for the last 2 reference periods available for EFTA countries: Iceland, Norway and Switzerland. The data displayed are GDP (change compared with the previous quarter and to the same quarter of previous year), the annual inflation rate and the unemployment rate.
Table 3: Overview of recent rates, EFTA countries, May to July 2024 or quarter 4 2023 and quarter 1 2024
(%)
Source: Eurostat (namq_10_gdp), (ei_cphi_m) and (ei_lmhr_m)

Situation in other non-EU countries

  • Compared with the previous quarter, GDP expanded in the first quarter of 2024 by 1.6% in China and by 0.3% in the United States, while it contracted in Japan by 0.5%. Compared with the first quarter of 2023, GDP in the first quarter of 2024 was 5.3% higher in China and 2.9% higher in the United States, while it was 0.3% lower in Japan.
  • In July 2024, the annual inflation rate rose to 0.5% in China (from 0.2% in the previous month) and fell to 1.7% in the United States (from 1.8% in the previous month). In June 2024, the annual inflation rate in Japan was 2.8%.
  • In June 2024, the unemployment rate fell slightly in Japan to 2.5% (from 2.6%), while it increased slightly in the United States to 4.1% (from 4.0%).
Table showing a comparison between data for the last 2 reference periods available for non-EU countries: China, Japan and the United States. The data displayed are GDP (change compared with the previous quarter and to the same quarter of previous year), the annual inflation rate and the unemployment rate.
Table 4: Overview of recent rates, other non-EU countries, May to July 2024 or quarter 4 2023 and quarter 1 2024
(%)
Source: Eurostat (ei_cphi_m) and (ei_lmhr_m) and the OECD

Source data for tables and figures

Excel.jpg Eurostatistics: tables and figures

Data sources

Data for non-EU countries come either from Eurostat's datasets or from an external source, such as the OECD Data Explorer.

Data for the euro area, EU and EU countries

  • GDP, quarter-on-quarter and year-on-year percentage change, seasonally and calendar adjusted (namq_10_gdp)
  • Industrial production, month-on-month percentage change, seasonally and calendar adjusted, and year-on-year percentage change, calendar adjusted (ei_isir_m)
  • Economic sentiment indicator, seasonally adjusted (Directorate-General for Economic and Financial Affairs (ECFIN) ei_bssi_m_r2)
  • Inflation (based on the HICP), year-on-year percentage change (not adjusted) (ei_chpi_m)
  • Industrial producer prices, month-on-month and year-on-year percentage change (not adjusted) (ei_isir_m)
  • Import prices, month-on-month and year-on-year percentage change (not adjusted) (ei_isir_m)
  • Retail trade volume of sales, month-on-month percentage change, seasonally and calendar adjusted, and year-on-year percentage change, calendar adjusted (ei_isrr_m)
  • Household final consumption expenditure, quarter-on-quarter and year-on-year percentage change, seasonally and calendar adjusted (namq_10_gdp)
  • Government final consumption expenditure, quarter-on-quarter and year-on-year percentage change, seasonally and calendar adjusted (namq_10_gdp)
  • Gross fixed capital formation, quarter-on-quarter and year-on-year percentage change, seasonally and calendar adjusted (namq_10_gdp)
  • Unemployment rate, seasonally adjusted (ei_lmhr_m) and unemployment in thousand people, seasonally adjusted (ei_lmhu_m)
  • Hourly labour costs (based on the labour cost index), month-on-month, quarter-on-quarter and year-on-year percentage change, seasonally and calendar adjusted (ei_lmlc_q)
  • Employment, quarter-on-quarter percentage change, seasonally adjusted, and year-on-year percentage change (not adjusted) (namq_10_a10_e)
  • Employment expectations indicator, seasonally adjusted (Directorate-General for Economic and Financial Affairs (ECFIN) ei_bsee_m_r2)
  • Exchange rates (not adjusted) (ei_mfrt_m)
  • Interest rates (not adjusted) (ei_mfir_m)

Data for Iceland, Norway and Switzerland

  • GDP, quarter-on-quarter and year-on-year percentage change, seasonally and calendar adjusted (namq_10_gdp)
  • Inflation (based on the HICP), year-on-year percentage change, all items (not adjusted) (ei_cphi_m)
  • Unemployment rate, seasonally adjusted (ei_lmhr_m)

Data for China, Japan and the United States

Data for China and Japan

Data for the United States

  • Unemployment rate, seasonally adjusted (ei_lmhr_m)
  • Inflation (based on the HICP), year-on-year percentage change (not adjusted) (ei_cphi_m)

Macroeconomic forecasts

Rates of change

For monthly data, 2 rates of change are presented

  • M/M-1: change compared with the previous month
  • M/M-12: change compared with the same month of the previous year.

For quarterly data, 2 rates of change are presented

  • Q/Q-1: change compared with the previous quarter
  • Q/Q-4: change compared with the same quarter of the previous year.

Context

The principal European economic indicators (PEEIs) represent a comprehensive set of infra-annual macroeconomic statistics aiming to describe the economic and labour market situation as well as price developments in the euro area, the EU and the EU countries; these statistics are of particularly high importance for economic and monetary policy.

The Communication of the European Commission to the European Parliament and the Council on euro area statistics Towards improved methodologies for euro area statistics and indicators of November 2002 defined the list of PEEIs and their timeliness targets, amended in the 2008 Economic and Financial Committee (EFC) report.

In 2002, Eurostat produced an initial list of 19 PEEIs, which subsequently expanded to 22. Data for these indicators are published regularly and posted in the dedicated Euro indicators section on the Eurostat website. Since 2002, PEEIs have been regularly monitored and improved in terms of coverage and timeliness. The list of indicators includes, for example, GDP, private final consumption, the external trade balance and the 3-month interest rate.

The progress that has been achieved with the timeliness and availability of PEEIs and remaining challenges are constantly monitored. Each year Eurostat, in cooperation with the ECB, drafts a Status Report on Information Requirements in the Economic and Monetary Union (EMU) which is submitted to the EFC and then to the Economic and Financial Affairs Council (ECOFIN). All reports can be found in the dedicated Euro indicators section under publications.

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Notes

  1. ↑ Following the Council Decision (2022/1211/EU) of 12 July 2022 on the adoption by Croatia of the euro on 1 January 2023, in line with past practice, all forecast numbers (in other words for 2022–24) for the euro area aggregate include Croatia with a weight of about 0.5%.
  2. ↑ From December 2022 onwards, the Eurosystem staff projections for the euro area include Croatia in view of its accession to the euro area on 1 January 2023.
  3. ↑ The euro area aggregate includes only OECD member countries (Croatia, Cyprus and Malta are excluded from the euro area aggregate as they aren't members of the OECD).
  4. ↑ For further information, see GDP and employment flash estimates for the second quarter of 2024.
  5. ↑ For further information, see Annual inflation up to 2.6% in the euro area – July 2024.
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