European Statistical Monitor: August edition

Today, Eurostat released the European Statistical Monitor, a dashboard with short-term indicators covering different areas, such as economy, environment, business, health and work.

This monthly updated dashboard is designed to track developments within the EU as a whole and its members, as well as the EFTA countries, providing a holistic overview of key developments. It focuses on monthly and quarterly indicators, ensuring up-to-date insights and includes a commentary, focusing on recent changes and trends. 

August highlights: The EU economy sustains its moderate expansion, while inflation increases, alongside rising bankruptcy declarations 

The EU economy continued its moderate expansion in Q2 2024, with quarter-on-quarter GDP growth mirroring the increase observed in the previous quarter. At the same time, bankruptcy declarations continued to climb, marking the eleventh consecutive quarter of increase.

At the sectoral level, EU production in services maintained its lead over industrial production and retail trade, hitting a new historical high with a slight month-on-month increase in May 2024, following a more substantial rise in the previous month.

Meanwhile, EU industrial production was unchanged month-on-month in June 2024 after a decline in May, while retail trade remained broadly stable over both months.

Against this backdrop, the EU annual inflation rate rose in July 2024, more than reversing the decline observed in the previous month. Meanwhile, the EU unemployment rate remained at historically low levels in June 2024, unchanged from the previous month.

Finally, EU economic sentiment remained relatively stable in July 2024, with the European Commission’s Economic Sentiment Indicator (ESI) continuing to hover below its long-term average since July 2022. The ESI indicated a decrease in confidence in services and retail trade, which was offset by improved confidence in construction and among consumers, while confidence in the industrial sector remained largely unchanged.

You can read the full analysis by opening the Eurostat commentary linked in the dashboard’s header.

The European Statistical Monitor is updated every month with the latest available data for each indicator.