Data extracted on 8 December 2025

Planned article update: 27 January 2026

Eurostatistics - data for short-term economic analysis

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Data extracted on 8 December 2025

Planned article update: 27 January 2026


Highlights

Compared with the previous month, in November 2025 euro area annual inflation increased to 2.2%. In the same month, economic sentiment strengthened, and employment expectations increased.

In September 2025, industrial production in the euro area increased slightly compared with the previous month (up 0.2%), while production in construction decreased (down 0.5%). In October 2025, retail trade sales were unchanged (0.0%).

In Q3 of 2025, GDP in the euro area expanded (when compared with the previous quarter), rising 0.3%; this was a larger increase than in Q2 of 2025 (up 0.1%).


Click on the picture to access the interactive data visualisation


Latest macroeconomic developments

Based on the figures available on 8 December 2025, the economic situation in the euro area and the EU is characterised by:

  • a higher level of inflation (as measured by the all-items harmonised index of consumer prices (HICP)) in November 2025 in the euro area and a lower level in October 2025 in the EU
  • an expansion in GDP in the 3rd quarter of 2025
  • an increase in industrial production in September 2025
  • a decrease in production in construction in September 2025 in the euro area and no change in the EU
  • no change in retail trade sales in October 2025
  • no change in the unemployment rate in October 2025
  • a slight strengthening of economic sentiment in November 2025
  • higher employment expectations in November 2025.

The economic situation in both the euro area and the EU showed mainly positive signals. Positive developments include an increase in GDP, an increase in industrial production, a strengthening of economic sentiment as well as higher employment expectations. By contrast, there was an increase in the inflation rate in the euro area (the inflation rate decreased in the previous month in the EU). Retail trade sales and the unemployment rate were unchanged while production in construction decreased in the euro area but was unchanged in the EU.


Situation in the euro area and the EU

GDP increased 0.3% quarter on quarter in the euro area in the 3rd quarter of 2025

In the 3rd quarter of 2025, seasonally adjusted GDP increased, up 0.3% quarter on quarter in the euro area and 0.4% in the EU. For comparison, an increase of 0.1% had been observed in the 2nd quarter in the euro area and 0.3% in the EU. Compared with the same quarter of the previous year, GDP was 1.4% higher in the 3rd quarter of 2025 in the euro area and 1.6% higher in the EU.

In September 2025, seasonally adjusted industrial production increased month on month by 0.2% in the euro area and by 0.8% in the EU. In the previous month, there had been decreases of 1.1% in the euro area and 0.9% in the EU. Compared with September 2024, industrial output was 1.2% higher in September 2025 in the euro area and 2.0% higher in the EU.

In November 2025, economic sentiment strengthened slightly in the euro area

In November 2025, the economic sentiment indicator increased slightly, up 0.2 points in both the euro area and the EU: the index level was 97.0 points in the euro area and 96.8 points in the EU. The increase in the euro area resulted from increases in confidence among construction, retail trade and services managers outweighing a decrease among industrial managers; there was no change in consumer confidence.

Line chart showing euro area rates of change for GDP and industrial production as well as the economic sentiment indicator over the latest 14-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 1: Economic sentiment and rates of change for output indicators, euro area, October 2024 to November 2025
Source: Eurostat (namq_10_gdp, ei_isir_m and ei_bssi_m_r2) and DG Economic and Financial Affairs (ECFIN)

After peaking in October 2022 at 10.6% in the euro area and 11.5% in the EU, the annual inflation rate has fluctuated since January 2025 between 1.9% and 2.5% in the euro area and between 2.2% and 2.8% in the EU.

In November 2025, the annual inflation rate was 2.2% in the euro area

According to the latest data from Eurostat, the annual inflation rate (based on the HICP) in the euro area was 2.2% in November 2025, up 0.1 points from the previous month. The category of services recorded the highest annual rate in November 2025 (prices were up 3.5%, marginally faster than the 3.4% increase in the previous month), followed by food, alcohol and tobacco (up 2.5%, unchanged from the previous month) and non-energy industrial goods (up 0.6%, also unchanged from the previous month). After a series of 4 negative rates, the annual rate for energy turned positive from December 2024 to February 2025 before turning negative again in March 2025; the latest rate was a decrease of 0.5% in October 2025. In the EU, the annual inflation rate was 2.5% in October 2025, down 0.1 points from the previous month.

Compared with a year earlier, industrial producer prices in October 2025 were 0.5% lower in the euro area and 0.2% lower in the EU. Month on month, industrial producer prices increased marginally in October 2025, up by 0.1% in both the euro area and the EU; in the previous month, they had decreased marginally (down 0.1%) in both the euro area and the EU.

Compared with a year earlier, industrial import prices in October 2025 were 2.1% lower in the euro area; on the basis of a month-on-month comparison, industrial import prices were 0.1% lower in October 2025. Compared with a year earlier, these prices in the EU were 1.7% lower in September 2025; they were 0.1% 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 14-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 2: Rates of change for prices, euro area, October 2024 to November 2025
Source: Eurostat (ei_isir_m and ei_cphi_m)

In the 3rd quarter of 2025

  • private final consumption expenditure increased compared with the previous quarter, up 0.2% in both the euro area and the EU (after increases of 0.3% in both the euro area and the EU in the previous quarter)
  • government final consumption expenditure increased more strongly, up 0.7% in both the euro area and the EU (after increases of 0.4% in the euro area and 0.5% in the EU in the previous quarter)
  • gross fixed capital formation (investment) increased quarter on quarter by 0.9% in the euro area and by 1.1% in the EU (after decreases of 1.7% in the euro area and 1.4% in the EU in the previous quarter).

In October 2025, the seasonally adjusted volume of sales in retail trade was unchanged compared with the previous month in both the euro area and the EU (0.0%), following on from modest increases in the previous month in the euro area (up 0.1%) and the EU (up 0.2).

Line chart showing euro area rates of change for private final consumption, investment and retail trade volume of sales over the latest 13-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 3: Rates of change for demand indicators, euro area, October 2024 to October 2025
Source: Eurostat (namq_10_gdp and ei_isrr_m)

In October 2025, the unemployment rate was 6.4% in the euro area

In October 2025, the seasonally adjusted unemployment rate was 6.4% in the euro area, the sixth consecutive month in which this rate was recorded. In the EU, the rate was 6.0%, also unchanged in 6 months. Eurostat estimates that 11.0 million people in the euro area were unemployed in October 2025, among 13.4 million unemployed people across the EU. Compared with October 2024, unemployment in October 2025 was higher by 308 000 people in the euro area and higher by 517 000 people in the EU. In October 2025, the youth unemployment rate (for people aged 15 to 24 years) was 14.8% in the euro area, unchanged from the previous month. In the EU, the rate was 15.2%, also unchanged from the previous month. In October 2025, the unemployment rate for people aged 25 years or older was 5.5% in the euro area (the fourth month at this rate) and 5.1% in the EU (the 10th month at this rate).

In the 3rd quarter of 2025, the number of people in employment increased marginally compared with the previous quarter, up 0.2% in the euro area and 0.1% in the EU, following increases of 0.1% in the previous quarter in both the euro area and the EU. Compared with the 3rd quarter of 2024, employment in the 3rd quarter of 2025 was 0.6% higher in the euro area and 0.5% higher in the EU.

Compared with the previous quarter, hourly labour costs increased by 0.9% in the euro area and by 1.0% in the EU in the 3rd quarter of 2025; in the 2nd quarter of 2025, there had been increases of 1.0% in both the euro area and the EU. Compared with the 3rd quarter of 2024, hourly labour costs in the 3rd quarter of 2025 were 3.5% higher in the euro area and 3.9% higher in the EU.

In November 2025, employment expectations strengthened in the euro area

In November 2025, the employment expectations indicator, as measured by business and consumer surveys, increased (up 0.8 points compared with the previous month) to 97.8 in the euro area; expectations were up 1.1 points to 98.8 in the EU. The increase in the euro area in November 2025 was due to more optimistic employment plans among construction managers and less pessimistic plans among retail trade managers outweighing more pessimistic plans among industrial managers and less optimistic plans among services managers.

Line chart showing euro area data for the unemployment rate and rates of change for employment and the labour cost index over the latest 13-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 4: Labour indicator rates, euro area, October 2024 to October 2025
Source: Eurostat (namq_10_a10_e, ei_lmlc_q and ei_lmhr_m)


Interest rates

In October 2025, the ECB left key interest rates unchanged

On 30 October 2025, 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 2.15%, 2.40% and 2.00%, respectively.

The euro area’s 3-month interest rate, the Euro Interbank Offered Rate (Euribor), increased to 2.04% in November 2025, up marginally from 2.03% in the previous month. Long-term interest rates (monthly average weighted 10-year government bond yields) of the euro area decreased to 3.07% in October 2025 from 3.15% in the previous month. The EU’s long-term interest rates on government bonds decreased to 3.42% in October 2025, down from 3.53% in the previous month.

Exchange rates

In November 2025 (compared with the previous month), the monthly averages of day-to-day exchange rates were as follows

  • euro-US dollar: USD 1.1560 (down from USD 1.1630)
  • euro-Japanese yen: JPY 179.32 (up from JPY 176.15)
  • euro-Swiss franc: CHF 0.9290 (up marginally from CHF 0.9289).
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 14-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 5: Financial indicators, euro area, October 2024 to November 2025
Source: Eurostat (ei_mfir_m and ei_mfrt_m) and the European Central Bank (ECB)


Latest macroeconomic forecasts

In December 2025, the OECD revised upwards its growth forecast for the euro area for 2025 to 1.3%

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 somewhat stronger economic growth (based on real changes in GDP) for the euro area in 2025 and 2026 than in 2024. Overall, the European Commission forecasted continued growth despite a challenging environment.

  • In December 2025, the OECD revised upwards its euro area growth forecast for 2025 to 1.3% (from 1.2% in its previous forecast); it revised upwards its forecast for 2026 to 1.2% (from 1.0%).
  • In its autumn 2025 report, the European Commission revised upwards its forecast for euro area growth for 2025 to 1.3% (from 0.9% in its previous forecast); it revised downwards its forecast for 2026 to 1.2% (from 1.4%).
  • In October 2025, the IMF revised upwards its forecast for euro area growth for 2025 to 1.2% (from 1.0% in its previous forecast); it revised downwards its forecast for 2026 to 1.1% (from 1.2%).
  • In September 2025, the ECB revised upwards its forecasted euro area growth for 2025 to 1.2% (from 0.9% in its previous forecast); it revised downwards its forecast for 2026 to 1.0% (from 1.1%).
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 2025 and 2026. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Table 1: Overview of macroeconomic forecasts, euro area, 2025 and 2026
Source: European Commission Economic Forecast, ECB Macroeconomic Projections, IMF World Economic Outlook, OECD Economic Outlook

In December 2025, the OECD maintained its inflation forecast for the euro area for 2025 at 2.1%

Annual inflation in the euro area is forecasted to slow in 2025 and then slow again or increase slightly in 2026.

  • In December 2025, the OECD maintained its forecasted euro area annual inflation rate for 2025 at 2.1%; it also maintained its forecast for 2026 at 1.9%.
  • In its autumn 2025 report, the European Commission revised downwards (from its previous forecast) its forecasted euro area annual inflation rate for 2025 to 1.9% (from 2.1%); it raised its forecast for 2026 to 2.0% (from 1.7%).
  • In October 2025, the IMF revised upwards its forecasted euro area annual inflation rate for 2025 to 2.1% (from 2.0% in its previous forecast); it also raised its forecast for 2026 to 1.9% (from 1.8%).
  • In September 2025, the ECB revised upwards its forecasted euro area annual inflation rate for 2025 to 2.1% (from 2.0% in its previous forecast); it also raised its forecast for 2026 to 1.7% (from 1.6%).

The latest European Commission forecast noted that the EU economy continues to generate modest but steady growth – at a faster than previously expected pace – amidst a rapidly shifting geopolitical and geoeconomic environment, which is further complicated by emerging domestic challenges. The global trade landscape is undergoing a significant transformation. The US trade deals with the EU and other trade partners have helped reduce the uncertainty that dominated the Spring Forecast, but the uncertainty has not been fully eliminated. A modest but steady expansion of domestic demand is expected to drive economic growth. EU growth is estimated to catch up with potential in 2025 and slightly outpace it in 2026–27. Services and food price pressures are set to weaken gradually over the forecast horizon.

Read more under Latest forecasts indicated continued growth despite a challenging environment in the data visualisation.

Situation in the EU countries

In the 3rd quarter of 2025, Denmark recorded the largest expansion in GDP, at 2.3%

In the 3rd quarter of 2025, 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 3rd quarter of 2025 in 21 countries, was unchanged in 3 and decreased in 3. Denmark (up 2.3%) recorded the largest increase of GDP, while the decreases were observed in Ireland, Finland (both down 0.3%) and Romania (down 0.2%).

In November 2025, Cyprus recorded the lowest inflation rate as consumer prices increased 0.2%

The highest annual inflation rates (based on the HICP) [5] in November 2025 were recorded in Estonia (4.7%), Croatia (4.3%) and Austria (4.1%). The lowest inflation rate was recorded in Cyprus (0.2%). At the time of writing, November 2025 data are not available for 7 EU countries.

In October 2025, Malta, Czechia and Poland recorded the lowest unemployment rates, 3.1% or 3.2%

In October 2025, the lowest unemployment rates were recorded in Malta (3.1%), Czechia and Poland (both 3.2%). The highest rates were in Spain (10.5%), Finland (10.3%), Sweden (9.3%) and Greece (8.6%).

In November 2025, economic sentiment was highest in Malta

In November 2025, the economic sentiment indicator showed a generally positive development among the EU countries, increasing in 18 and decreasing in 9. By far, the strongest increase was in Luxembourg (up 9.5 points), while the strongest decreases were in Czechia (down 3.4 points) and Ireland (down 2.4 points). Apart from these 3 countries, the changes ranged between 2.8 and -1.5 points. The index level of the economic sentiment indicator (with a long-term average = 100) varied from 88.6 points in Denmark to 111.8 points in Malta.

Country in focus – Malta

The economy in Malta expanded in the 3rd quarter of 2025 (when compared with the previous quarter), up 0.6%. GDP was 2.7% higher in the 3rd quarter of 2025 than a year earlier.

Industrial production decreased month on month by 1.7% in September 2025, more than reversing an increase of 1.1% in the previous month. Overall, industrial production was 1.3% lower in September 2025 than a year earlier.

In November 2025, the economic sentiment indicator decreased by 0.3 points to 111.8 points. Nevertheless, this was – by a large margin – the highest level of economic sentiment among the EU countries.

Industrial producer prices were 0.1% lower in October 2025 than the previous month, extending to 6 months a series with increase or decreases in these prices not exceeding 0.1%; overall, these prices were 0.5% higher than a year earlier.

Annual inflation decreased to 2.4% in November 2025, down from 2.5% in the previous month; this rate had been 2.1% a year earlier (November 2024).

The volume of retail sales increased month on month in October 2025, up 0.6%. These sales were 6.2% higher in October 2025 than a year earlier.

The unemployment rate in October 2025 was 3.1%, the lowest rate among EU countries. This rate was 0.1 points higher than in the previous month. In October 2025, 11 000 people were unemployed in Malta, of which 3 000 were young people (aged 15 to 24 years).

Line chart showing rates of change for GDP and industrial production as well as the economic sentiment indicator in Malta over the latest 14-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 6: Economic sentiment and rates of change for output indicators, Malta, October 2024 to November 2025
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 Malta over the latest 14-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 7: Rates of change for prices, Malta, October 2024 to November 2025
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 Malta over the latest 13-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 8: Rates of change for demand indicators, Malta, October 2024 to October 2025
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 Malta over the latest 13-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 9: Labour indicator rates, Malta, October 2024 to October 2025
Source: Eurostat (namq_10_a10_e, ei_lmlc_q and ei_lmhr_m)

Situation in the largest EU economies

In the 3rd quarter of 2025, 5 of the 6 largest EU economies recorded quarter-on-quarter expansions in GDP

  • Among the 6 largest EU economies, Poland recorded the highest quarter-on-quarter growth rate for GDP in the 3rd quarter of 2025, up 0.9%. Germany (unchanged, 0.0%) recorded the lowest rate of change.
  • In November 2025, the annual inflation rate was higher than in the previous month in 1 of the 5 largest EU economies for which data are available (no data for Poland), up from 2.3% to 2.6% in Germany. The inflation rate was unchanged in France, while it fell in Spain, Italy and the Netherlands. The highest annual inflation rate among these economies was recorded in Spain (3.1%), while the lowest rate was in France (0.8%).
  • The latest unemployment rates are for October 2025: this rate was lower than in the previous month in Italy and unchanged in the other 5 large economies. Spain recorded the highest unemployment rate (10.5%) and Poland the lowest (3.2%).
  • Economic sentiment decreased in Germany and the Netherlands in November 2025 and increased in the other 4 large EU economies. The highest index level (with a long-term average = 100) was recorded in Spain (105.9 points) and the lowest in Germany (91.3 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. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Table 2: Overview of recent rates, euro area, EU and largest EU economies, September to November 2025 or quarters 2 and 3 2025
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 – Poland

The economy in Poland expanded in the 3rd quarter of 2025 (when compared with the previous quarter), up 0.9%, extending a series of increases to 4 consecutive quarters. GDP was 3.8% higher in the 3rd quarter of 2025 than a year earlier.

Industrial production decreased month on month by 0.9% in October 2025, partially reversing the substantial increase of 4.0% in the previous month. Overall, industrial production was 3.5% higher in October 2025 than a year earlier.

In November 2025, the economic sentiment indicator increased, up 0.5 points to 99.0 points.

Industrial producer prices decreased (down 0.5%) in October 2025 compared with the previous month. These prices were 1.8% lower than a year earlier.

The annual inflation rate was 2.9% in October 2025, unchanged from the previous month and 1.3 points lower than the rate a year earlier (4.2%; October 2024).

The volume of retail trade sales decreased 0.2% in October 2025 compared with the previous month. Compared with a year earlier, retail trade sales were 2.6% higher.

In October 2025, an unemployment rate of 3.2% was recorded, unchanged compared with the previous 3 months and the joint second lowest rate among the EU countries. In October 2025, 578 000 people were unemployed in Poland, of which 145 000 were young people (aged 15 to 24 years).

Line chart showing rates of change for GDP and industrial production as well as the economic sentiment indicator in Poland over the latest 14-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 10: Economic sentiment and rates of change for output indicators, Poland, October 2024 to November 2025
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 Poland over the latest 13-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 11: Rates of change for prices, Poland, October 2024 to October 2025
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 Poland over the latest 13-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 12: Rates of change for demand indicators, Poland, October 2024 to October 2025
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 Poland over the latest 13-month period. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Figure 13: Labour indicator rates, Poland, October 2024 to October 2025
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 contracted in the 3rd quarter of 2025 in Switzerland (down 0.5%) and Iceland (down 0.2%). In the 2nd quarter of 2025, GDP expanded in Norway (up 0.8%).
  • In October 2025, the annual inflation rate was 3.9% in Iceland (down from 4.3% in the previous month), 3.0% in Norway (down from 3.6%) and 0.1% in Switzerland (up from 0.0%).
  • In October 2025, the unemployment rate was 4.5% in Norway (down from 4.8% in the previous month) and 4.0% in Iceland (unchanged). The unemployment rate was 5.0% in Switzerland in September 2025.
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. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Table 3: Overview of recent rates, EFTA countries, September and October 2025 or quarters 2 and 3 2025
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 3rd quarter of 2025 by 1.1% in China while it contracted by 0.6% in Japan. In the 2nd quarter, growth of 0.9% was recorded in the United States. Compared with a year earlier (the 3rd quarter of 2024), GDP in the 3rd quarter of 2025 was 4.8% higher in China and 0.7% higher in Japan.
  • In October 2025, the annual inflation rate was 3.0% in Japan (up from 2.9% in the previous month) and 0.2% in China (up from -0.3% in the previous month). In September 2025, the rate was 3.0% in the United States.
  • In October 2025, the unemployment rate was unchanged (compared with the previous month) at 2.6% in Japan. In September 2025, the rate was 4.4% in the United States.
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. The complete data of the visualisation are available in the Excel file at the end of the article. For more details please use the link to the source dataset code below the image.
Table 4: Overview of recent rates, other non-EU countries, September and October 2025 or quarters 2 and 3 2025
Source: Eurostat (ei_lmhr_m) and the OECD


Source data for tables and figures

Excel 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 the United States

  • Unemployment rate, seasonally adjusted (ei_lmhr_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

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.

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 thematic 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 thematic Euro indicators section under publications.


Footnotes

  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 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 main aggregates and employment estimates for the third quarter of 2025. ↑
  5. For further information, see Euro area annual inflation up to 2.2% – November 2025. ↑

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