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Data extracted on 22 April 2025.

Planned article update: 23 May 2025.

Latest macroeconomic developments

Highlights

Compared with the previous month, in March 2025 euro area annual inflation fell to 2.2% from 2.3% in the previous month. In the same month, economic sentiment weakened and employment expectations fell.

In February 2025, industrial production and retail trade sales in the euro area increased compared with the previous month. In January 2025, production in construction in the euro area also increased compared with the previous month.

In the 4th quarter of 2024, GDP in the euro area expanded (when compared with the previous quarter), rising 0.2%; this was a slower rate than in the 3rd quarter of 2024 (up 0.4%), but reflected growth in all 4 quarters of 2024.

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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 16 April 2025, the economic situation in the euro area and the EU is characterised by

  • a decrease in inflation (as measured by the all-items harmonised index of consumer prices (HICP)) in March 2025
  • an expansion in GDP in the 4th quarter of 2024
  • an increase in industrial production in February 2025
  • an increase in production in construction in January 2025 in the euro area and a decrease in the EU
  • an increase in retail trade sales in February 2025
  • a decrease in the unemployment rate in February 2025
  • a weakening of economic sentiment in March 2025
  • a decrease in the level of employment expectations in March 2025.

The economic situation in both the euro area and the EU showed mainly positive signals, including a fall in the inflation rate, an increase in GDP, an increase in industrial production, an increase in production in construction in the euro area (but a decrease in the EU), an increase in retail trade sales and a fall in the unemployment rate. By contrast, there were decreases in economic sentiment and employment expectations.


Situation in the euro area and the EU

In the 4th quarter of 2024, seasonally adjusted GDP increased, up 0.2% quarter on quarter in the euro area and 0.4% in the EU. For comparison, an increase of 0.4% had been observed in the 3rd quarter in both the euro area and the EU. Compared with the same quarter of the previous year, GDP was 1.2% higher in the 4th quarter of 2024 in the euro area and 1.4% higher in the EU.

In February 2025, seasonally adjusted industrial production increased month on month by 1.1% in the euro area and by 1.0% in the EU. In the previous month, there had been increases of 0.6% in the euro area and 0.1% in the EU. Compared with February 2024, industrial output was 1.2% higher in February 2025 in the euro area and 0.6% higher in the EU.

In March 2025, the economic sentiment indicator decreased, down 1.1 points in the euro area and 0.9 points in the EU: the index level was 95.2 points in the euro area and 96.0 points in the EU. The decrease in the euro area resulted from decreases in confidence among consumers and among construction, retail and services managers outweighing an increase in confidence among industrial managers.

Line chart showing euro area rates of change for GDP and industrial production as well as the economic sentiment indicator over the latest 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 1: Economic sentiment and rates of change for output indicators, euro area, April 2024 to March 2025
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 to a low of 1.7% in September 2024; subsequently, it rose to 2.5% in January 2025 before falling back to 2.2% in March 2025. In the EU, it fell from a peak of 11.5% in October 2022 to a low of 2.1% in September 2024, before rising to 2.8% in January 2025; it fell back to 2.5% in March 2025.

According to the latest data from Eurostat, the annual inflation rate (based on the HICP) in the euro area was 2.2% in March 2025, down from 2.3% in the previous month. The category of services recorded the highest annual rate in March 2025 (prices were up 3.5%, slower than the 3.7% increase in the previous month), followed by food, alcohol and tobacco (up 2.9%, faster than the 2.7% increase in the previous month) and non-energy industrial goods (up 0.6%, 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; in March 2025, the rate turned negative again as a decrease of 1.0% was recorded. In the EU, annual inflation was 2.5% in March 2025, down from 2.7% in the previous month.

Compared with a year earlier, industrial producer prices in February 2025 were 3.0% higher in the euro area and 3.1% higher in the EU. Month on month, industrial producer prices increased in February 2025 by 0.2% in the euro area and by 0.3% in the EU; in the previous month, they had increased by 0.7% in the euro area and by 0.8% in the EU.

Compared with a year earlier, industrial import prices in February 2025 were 2.8% higher in the euro area; on the basis of a month-on-month comparison, industrial import prices increased by 0.5% in February 2025. Compared with a year earlier, these prices in the EU were 2.3% higher in January 2025; they were 0.9% higher 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 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 2: Rates of change for prices, euro area, April 2024 to March 2025
(%)
Source: Eurostat (ei_isir_m) and (ei_cphi_m)

In the 4th quarter of 2024

  • private final consumption expenditure increased compared with the previous quarter, up 0.4% in the euro area and 0.6% in the EU (after increases of 0.6% in the euro area and 0.5% in the EU in the previous quarter)
  • government final consumption expenditure increased by 0.5% in both the euro area and the EU (after increases of 0.9% in both the euro area and the EU in the previous quarter)
  • gross fixed capital formation (investment) increased quarter on quarter by 0.7% in the euro area and by 0.5% in the EU (after increases of 1.8% in the euro area and 1.5% in the EU in the previous quarter).

In February 2025, the seasonally adjusted volume of sales in retail trade increased compared with the previous month in the euro area (up 0.3%) and in the EU (up 0.2%), following on from no change in the previous month in the euro area and an increase of 0.1% in the EU.

Line chart showing euro area rates of change for private final consumption, investment and retail trade volume of sales over the latest 11-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 3: Rates of change for demand indicators, euro area, April 2024 to February 2025
(%)
Source: Eurostat (namq_10_gdp) and (ei_isrr_m)

In February 2025, the seasonally adjusted unemployment rate was 6.1% in the euro area, down slightly from 6.2% in the previous month. In the EU, the rate was 5.7%, down from 5.8% in the previous month. Eurostat estimates that 10.6 million people in the euro area were unemployed in February 2025, among 12.7 million people in the EU. Compared with February 2024, unemployment in February 2025 was lower by 643 000 people in both the euro area and the EU. In February 2025, the youth unemployment rate (for people aged 15–24 years) was 14.2% in the euro area, up from 14.1% in the previous month. In the EU, the rate was 14.5%, down from 14.6% in the previous month. The rate for people aged 25 years or older was 5.3% in the euro area and 4.9% in the EU, both unchanged from the previous month.

In the 4th quarter of 2024, the number of people in employment increased compared with the previous quarter by 0.1% in the euro area and by 0.2% in the EU, following an increase in the previous quarter of 0.2% in the euro area and no change in the EU. Compared with the 4th quarter of 2023, employment in the 4th quarter of 2024 was 0.7% higher in the euro area and 0.6% higher in the EU.

Compared with the previous quarter, hourly labour costs increased by 0.7% in the euro area and 0.9% in the EU in the 4th quarter of 2024; in the 3rd quarter of 2024, there had been increases of 0.9% in the euro area and 1.1% in the EU. Compared with the 4th quarter of 2023, hourly labour costs in the 4th quarter of 2024 were 3.7% higher in the euro area and 4.3% higher in the EU.

In March 2025, the employment expectations indicator, as measured by business and consumer surveys, decreased (down 0.7 points compared with the previous month) to 96.7 in the euro area; expectations decreased (down 0.7 points) to 97.7 in the EU. The decrease in the euro area in March 2025 was due to more pessimistic employment plans among retail managers combined with less optimistic plans among construction and services managers outweighing less pessimistic plans among industrial 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 11-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 4: Labour indicator rates, euro area, April 2024 to February 2025
(%)
Source: Eurostat (namq_10_a10_e), (ei_lmlc_q) and (ei_lmhr_m)


Interest rates

On 17 April 2025, the Governing Council of the European Central Bank (ECB) decided to lower the 3 key ECB interest rates. Accordingly, the interest rates on the main refinancing operations, the marginal lending facility and the deposit facility decreased to 2.40%, 2.65% and 2.25%, respectively.

The euro area’s 3-month interest rate, the Euro Interbank Offered Rate (Euribor), decreased to 2.44% in March 2025, down from 2.52% in the previous month. Long-term interest rates (monthly average weighted 10-year government bond yields) of the euro area increased to 3.24% in March 2025 from 2.94% in the previous month. The EU’s long-term interest rates on government bonds increased to 3.57% in March 2025 from 3.32% in the previous month.

Exchange rates

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

  • euro-US dollar: USD 1.0807 (up from USD 1.0413)
  • euro-Japanese yen: JPY 161.17 (up from JPY 158.09)
  • euro-Swiss franc: CHF 0.9548 (up from CHF 0.9413).
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 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 5: Financial indicators, euro area, April 2024 to March 2025
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 somewhat stronger economic growth for the euro area in 2025 and 2026 than in 2024. Overall, the European Commission forecasts a gradual rebound in an adverse environment.

  • The growth forecasts (based on real changes in GDP) for 2025 were revised downwards by all 4 of the organisations in their latest forecasts compared with their previous ones. According to the latest information, euro area economic growth for 2025 is forecasted to be 0.8% (the IMF), 0.9% (the ECB), 1.0% (the OECD) or 1.3% (the European Commission).
  • Annual growth in the euro area is forecasted to be higher in 2026 than in 2025. For 2026, economic growth is forecasted to be 1.2% (the ECB, the IMF and the OECD) or 1.6% (the European Commission).
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.
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

Annual inflation in the euro area is forecasted to fall in 2025 and then again in 2026.

  • Compared with its previous forecast in spring 2024, in its autumn 2024 forecast the European Commission left unchanged its forecast for annual inflation rates in the euro area for 2025 (at 2.1%); for 2026, it forecasted a rate of 1.9%.
  • In March 2025, the ECB raised its forecasted euro area annual inflation rate for 2025 to 2.3% (from 2.1%); it maintained its forecast for 2026 at 1.9%.
  • In April 2025, the IMF forecasted an annual inflation rate for the euro area of 2.1% for 2025 (unchanged from its previous forecast), followed by a lower rate of 1.9% for 2026 (revised down from 2.0% in its previous forecast).
  • In its report in March 2025, the OECD raised its euro area inflation forecast for 2025 to 2.2% (from 2.1%) and kept its forecast for 2026 at 2.0%.

Following a prolonged and broad-based stagnation in the 2nd half of 2023, growth returned to the euro area’s economy at the start of 2024 and continued at a subdued pace through the remaining quarters of the year. A gradual acceleration in growth is expected over the course of 2025 as private consumption is supported by declining inflation and continued employment growth, as well as an expected rebound in investment. There is an improved outlook for global trade in goods as well as expanding global services trade, but growth in imports is expected to increase. The EU’s economic outlook remains highly uncertain, with risks largely tilted to the downside, as the economy navigates a highly complex and challenging environment.

Read more under Latest forecasts indicate a gradual rebound in an adverse environment in the data visualisation.

Situation in the EU countries

In the 4th 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 4th quarter of 2024 in 21 countries, remained stable in 2 and decreased in 4. Ireland (up 3.6%) recorded the largest increase of GDP. The decreases were observed in Malta (down 0.7%), Austria (down 0.4%), Germany (down 0.2%) and France (down 0.1%).

The highest annual inflation rates (based on the HICP) [5] in March 2025 were recorded in Romania (up 5.1%) and Hungary (up 4.8%). The lowest inflation rate was recorded in France (up 0.9%).

In February 2025, the lowest unemployment rates were recorded in Poland (2.6%), Czechia and Malta (both 2.7%). The highest rates were in Spain (10.4%), Finland (9.2%), Sweden (8.9%) and Greece (8.6%).

In March 2025, the economic sentiment indicator showed a balanced upward and downward development among the EU countries, increasing in 12, unchanged in 2 and decreasing in 13. The strongest increase was in Malta (up 14.1 points), while the strongest decreases were in Sweden (down 3.0 points) and Luxembourg (down 2.9 points). The index level of the economic sentiment indicator (with a long-term average = 100) varied from 89.4 points in Germany to 109.2 points in Malta.

Country in focus – Ireland

The economy in Ireland expanded 3.6% in the 4th quarter of 2024, the strongest increase among the EU countries. GDP was 9.2% higher in the 4th quarter of 2024 than a year earlier.

Industrial production increased month on month by 10.8% in February 2025, following on from a decrease of 4.5% in the previous month. Overall, industrial production was 38.8% higher in February 2025 than a year earlier.

Industrial producer prices were 4.9% lower in February 2025 than the previous month but 12.8% higher than a year earlier.

Annual inflation increased to 1.8% in March 2025 from 1.4% in the previous month; it had been 1.7% a year earlier (March 2024).

The volume of retail sales increased month on month by 1.4% in February 2025, following on from a similar decrease (down 1.5%) in the previous month. These sales were 2.3% higher in February 2025 than a year earlier.

The unemployment rate in March 2025 was 4.0%, up 0.1 points compared with the previous month. In March 2025, 115 000 people were unemployed in Ireland, of which 41 000 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 Ireland over the latest 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 6: Economic sentiment and rates of change for output indicators, Ireland, April 2024 to March 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 Ireland over the latest 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 7: Rates of change for prices, Ireland, April 2024 to March 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 Ireland over the latest 11-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 8: Rates of change for demand indicators, Ireland, April 2024 to February 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 Ireland over the latest 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 9: Labour indicator rates, Ireland, April 2024 to March 2025
(%)
Source: Eurostat (namq_10_a10_e), (ei_lmlc_q) and (ei_lmhr_m)

Situation in the largest EU economies

  • Most of the 6 largest EU economies recorded quarter-on-quarter growth in GDP in the 4th quarter of 2024, with the highest growth rate at 1.3% in Poland. The exceptions were France and Germany where GDP fell slightly (down 0.1% and 0.2%, respectively).
  • In March 2025, the annual inflation rate was higher than in the previous month in Italy and Poland while it was unchanged in France. It was somewhat lower than in the previous month in the Netherlands and considerably lower in Germany and Spain. The highest annual inflation rate among these economies was recorded in Poland (4.4%); the lowest rate was in France (0.9%).
  • The latest unemployment rates are for February 2025: these rates were lower than in the previous month in Spain and Italy, unchanged in Germany, the Netherlands and Poland, and slightly higher than in the previous month in France. Spain recorded the highest unemployment rate (10.4%) and Poland the lowest (2.6%).
  • Economic sentiment decreased in France and Italy in March 2025, was unchanged in the Netherlands and increased in the 3 other large EU economies. The highest index level (with a long-term average = 100) was recorded in Spain (103.4 points) and the lowest in Germany (89.4 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.
Table 2: Overview of recent rates, euro area, EU and largest EU economies, January to March 2025 or quarters 3 and 4 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 – Italy

The economy in Italy expanded slightly in the 4th quarter of 2024 (up 0.1%). GDP was 0.6% higher in the 4th quarter of 2024 than a year earlier.

Industrial production decreased by 0.9% month on month in February 2025, following on from a 2.5% increase in the previous month. Overall, industrial production was 2.7% lower in February 2025 than a year earlier.

In March 2025, the economic sentiment indicator decreased by 2.0 points to 97.6 points.

Industrial producer prices increased 0.9% in February 2025 compared with the previous month, their 5th consecutive increase. These prices were 8.5% higher than a year earlier.

The annual inflation rate was 2.1% in March 2025, up from 1.7% in the 2 previous months. These rates were higher than the rate observed a year earlier (1.2%, March 2024).

The volume of retail trade sales decreased slightly (down 0.1%) in February 2025 compared with the previous month. Compared with a year earlier, retail trade sales were 1.1% lower.

In February 2025, an unemployment rate of 5.9% was recorded. In February 2025, 1.52 million people were unemployed in Italy, of which 242 000 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 Italy over the latest 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 10: Economic sentiment and rates of change for output indicators, Italy, April 2024 to March 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 Italy over the latest 12-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 11: Rates of change for prices, Italy, April 2024 to March 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 Italy over the latest 11-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 12: Rates of change for demand indicators, Italy, April 2024 to February 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 Italy over the latest 11-month period. The complete data of the visualisation are available in the Excel file at the end of the article.
Figure 13: Labour indicator rates, Italy, April 2024 to February 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 expanded in the 4th quarter of 2024 in Switzerland (up 0.2%), while it contracted in Norway (down 0.6%) and Iceland (down 1.4%).
  • In March 2025, Iceland recorded the highest annual inflation rate (3.4%, unchanged from the previous month), followed closely by Norway (2.3%, down from 3.3%) and more distantly by Switzerland (0.1%, unchanged from the previous month).
  • In February 2025, the unemployment rate increased to 3.8% in Norway (from 3.7%). In January 2025, the unemployment rate was 3.6% in Iceland, while in Switzerland it was 4.5% in in December 2024.
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.
Table 3: Overview of recent rates, EFTA countries, January to March 2025 or quarters 3 and 4 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 4th quarter of 2024 by 1.6% in China and by 0.6% in both Japan and the United States. Compared with 1 year earlier (the 4th quarter of 2023), GDP in the 4th quarter of 2024 was 5.4% higher in China, 2.5% higher in the United States and 1.2% higher in Japan.
  • In March 2025, the annual inflation rate rose to -0.1% in China (from -0.7% in the previous month). In February 2025, the rate was 3.7% in Japan, while in the United States it was 2.6% in December 2024.
  • In February 2025, the unemployment rate increased to 4.1% in the United States (from 4.0% in the previous month) and decreased to 2.4% in Japan (from 2.5%).
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.
Table 4: Overview of recent rates, other non-EU countries, January to March 2025 or quarters 3 and 4 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.

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 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 Quarterly national accounts – GDP and employment.
  5. ↑ For further information, see Annual inflation down to 2.2% in the euro area – March 2025.

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