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Data extracted on 19 May 2025.

Planned article update: 26 June 2025.

Latest macroeconomic developments

Highlights

Compared with the previous month, in April 2025 euro area annual inflation remained stable at 2.2%. In the same month, employment expectations remained stable and economic sentiment weakened.

In the 1st quarter of 2025, GDP in the euro area expanded (when compared with the previous quarter), rising 0.3%; this was a slightly faster rate than in the 4th quarter of 2024 (up 0.2%).

In March 2025, industrial production in the euro area increased quite strongly compared with the previous month while retail trade sales fell marginally. In February 2025, production in construction in the euro area decreased compared with the previous month.

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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 19 May 2025, the economic situation in the euro area and the EU is characterised by

  • a stable rate of inflation (as measured by the all-items harmonised index of consumer prices (HICP)) in April 2025 in the euro area and a fall in the EU
  • an expansion in GDP in the 1st quarter of 2025
  • an increase in industrial production in March 2025
  • a decrease in production in construction in February 2025
  • a slight decrease in retail trade sales in March 2025
  • a stable unemployment rate in March 2025
  • a weakening of economic sentiment in April 2025
  • stable employment expectations in April 2025 in the euro area and a decrease in the EU.

The economic situation in both the euro area and the EU showed mixed signals. A stable or falling inflation rate, an increase in GDP, an increase in industrial production and a stable unemployment rate can be contrasted with decreases in production in construction, retail trade sales, economic sentiment and – in the EU – employment expectations.


Situation in the euro area and the EU

In the 1st quarter of 2025, seasonally adjusted GDP increased, up 0.3% quarter on quarter in both the euro area and the EU. For comparison, an increase of 0.2% had been observed in the 4th quarter in the euro area and 0.4% in the EU. Compared with the same quarter of the previous year, GDP was 1.2% higher in the 1st quarter of 2025 in the euro area and 1.4% higher in the EU.

In March 2025, seasonally adjusted industrial production increased month on month by 2.6% in the euro area and by 1.9% in the EU. In the previous month, there had been increases of 1.1% in both the euro area and the EU. Compared with March 2024, industrial output was 3.6% higher in March 2025 in the euro area and 2.7% higher in the EU.

In April 2025, the economic sentiment indicator decreased, down 1.4 points in both the euro area and the EU: the index level was 93.6 points in the euro area and 94.4 points in the EU. The decrease in the euro area resulted from decreases in confidence among consumers as well as managers from all sectors: industrial, construction, retail and services.

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. 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 April 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 and April 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 2.4% in April 2025.

According to the latest data from Eurostat, the annual inflation rate (based on the HICP) in the euro area was 2.2% in both March and April 2025. The category of services recorded the highest annual rate in April 2025 (prices were up 4.0%, faster than the 3.5% increase in the previous month), followed by food, alcohol and tobacco (up 3.0%, marginally faster than the 2.9% 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 and this was followed by a decrease of 3.6% in April 2025. In the EU, annual inflation was 2.4% in April 2025, down 0.1 points compared with the previous month.

Compared with a year earlier, industrial producer prices in March 2025 were 1.9% higher in the euro area and 2.1% higher in the EU. Month on month, industrial producer prices decreased in March 2025 by 1.6% in both the euro area and the EU; in the previous month, they had increased by 0.2% in the euro area and by 0.4% in the EU.

Compared with a year earlier, industrial import prices in March 2025 were 1.4% higher in the euro area; on the basis of a month-on-month comparison, industrial import prices decreased by 1.0% in March 2025. Compared with a year earlier, these prices in the EU were 2.5% higher in February 2025; they were 0.3% 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 13-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 April 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 March 2025, the seasonally adjusted volume of sales in retail trade decreased marginally compared with the previous month in both the euro area and the EU (down 0.1%), following on from an increase of 0.2% in the previous month in the euro area and no change 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 12-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 March 2025
(%)
Source: Eurostat (namq_10_gdp) and (ei_isrr_m)

In March 2025, the seasonally adjusted unemployment rate was 6.2% in the euro area, unchanged from the previous month. In the EU, the rate was 5.8%, also unchanged from the previous month. Eurostat estimates that 10.8 million people in the euro area were unemployed in March 2025, among 12.9 million people in the EU. Compared with March 2024, unemployment in March 2025 was lower by 288 000 people in the euro area and by 340 000 people in the EU. In March 2025, the youth unemployment rate (for people aged 15 to 24 years) was 14.2% in the euro area, down from 14.3% 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 5.4% in the euro area and 5.0% in the EU, unchanged in the euro area from the previous month and up from 4.9% in the EU.

In the 1st quarter of 2025, the number of people in employment increased compared with the previous quarter by 0.3% in the euro area and by 0.2% in the EU, following increases in the previous quarter of 0.1% in the euro area and 0.2% in the EU. Compared with the 1st quarter of 2024, employment in the 1st quarter of 2025 was 0.8% 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 April 2025, the employment expectations indicator, as measured by business and consumer surveys, was unchanged compared with the previous month at 96.5 in the euro area; expectations decreased (down 0.7 points) to 96.9 in the EU. The stability in the euro area in April 2025 was due to less pessimistic employment plans among industrial managers combined with more optimistic plans among services managers balancing less optimistic plans among construction managers combined with more pessimistic plans among retail 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 12-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 March 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 2.25% in April 2025, down from 2.44% 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 April 2025 from 3.24% in the previous month. The EU’s long-term interest rates on government bonds decreased to 3.39% in April 2025 from 3.57% in the previous month.

Exchange rates

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

  • euro-US dollar: USD 1.1214 (up from USD 1.0807)
  • euro-Japanese yen: JPY 161.67 (up from JPY 161.17)
  • euro-Swiss franc: CHF 0.9370 (down from CHF 0.9548).
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. 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 April 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 European Commission and the ECB) or 1.0% (the OECD).
  • 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 1.4% (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 autumn 2024, in its spring 2025 forecast the European Commission left unchanged its forecast for the annual inflation rate in the euro area for 2025 at 2.1%; it revised down its previous forecast for 2026 to 1.7% (from 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%.

The latest forecast reflects the impact of increased tariffs and the heightened uncertainty caused by the abrupt changes in the trade policy of the United States and the unpredictability of the final configuration of tariffs. Despite these challenges, euro area growth is expected to rise in 2026. Disinflation is anticipated to proceed more swiftly than expected and headline inflation in the euro area is expected to meet the ECB target by mid-2025. Risks to the outlook remain tilted to the downside.

Read more under Latest forecasts indicate moderate growth amid global economic uncertainty in the data visualisation.

Situation in the EU countries

In the 1st 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 1st quarter of 2025 in 16 countries, remained stable in 2 and decreased in 3 (1st quarter data aren't available for 6 countries at the time of writing). Ireland (up 3.2%) recorded the largest increase of GDP. The decreases were observed in Slovenia (down 0.8%), Portugal (down 0.5%) and Hungary (down 0.2%).

The highest annual inflation rates (based on the HICP) [5] in April 2025 were recorded in Romania (4.9%) and Estonia (4.4%). The lowest inflation rate was recorded in France (0.9%).

In March 2025, the lowest unemployment rates were recorded in Czechia (2.6%), Poland (2.7%) and Malta (2.8%). The highest rates were in Spain (10.9%), Finland (9.5%), Greece (9.0%), Estonia (8.7%) and Sweden (8.1%).

In April 2025, the economic sentiment indicator showed a generally downward development among the EU countries, increasing in 7, unchanged in 1 and decreasing in 19. By far, the strongest increase was in Luxembourg (up 4.1 points), while the strongest decreases were in Ireland (down 7.8 points), Czechia (down 4.8 points), Denmark (down 4.2 points) and Belgium (down 3.7 points). The index level of the economic sentiment indicator (with a long-term average = 100) varied from 87.7 points in Belgium to 108.0 points in Malta.

Country in focus – Slovenia

The economy in Slovenia contracted 0.8% in the 1st quarter of 2025 (when compared with the previous quarter). GDP was 0.8% lower in the 1st quarter of 2025 than a year earlier.

Industrial production decreased month on month by 1.3% in March 2025, reinforcing a decrease of 1.8% in the previous month. Overall, industrial production was 1.9% lower in March 2025 than a year earlier.

In April 2025, the economic sentiment indicator decreased by 0.9 points to 97.8 points.

Industrial producer prices were 0.6% higher in March 2025 than the previous month and 0.8% higher than a year earlier.

Annual inflation increased marginally to 2.3% in April 2025, up from 2.2% in the previous month; it had been 3.0% a year earlier (April 2024).

The volume of retail sales decreased month on month by 2.0% in March 2025, following on from an increase of 1.1% in the previous month. These sales were 0.3% lower in March 2025 than a year earlier.

The unemployment rate in March 2025 was 3.2%, down 0.1 points compared with the previous month; this was the 4th lowest unemployment rate among EU countries. In March 2025, 33 000 people were unemployed in Slovenia, of which 5 000 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 Slovenia over the latest 13-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, Slovenia, April 2024 to April 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 Slovenia over the latest 13-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, Slovenia, April 2024 to April 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 Slovenia 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 8: Rates of change for demand indicators, Slovenia, April 2024 to March 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 Slovenia 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, Slovenia, April 2024 to March 2025
(%)
Source: Eurostat (namq_10_a10_e), (ei_lmlc_q) and (ei_lmhr_m)

Situation in the largest EU economies

  • All of the 6 largest EU economies recorded quarter-on-quarter growth in GDP in the 1st quarter of 2025, with the highest growth rates at 0.7% in Poland and 0.6% in Spain.
  • In April 2025, the annual inflation rate was higher than in the previous month in the Netherlands, while it was unchanged in Spain and France. It was slightly lower than in the previous month in Germany and Italy and clearly lower in Poland. The highest annual inflation rate among these economies was recorded in the Netherlands (4.1%); the lowest rate was in France (0.9%).
  • The latest unemployment rates are for March 2025: this rate was lower than in the previous month in France, unchanged in Germany and Spain, and slightly higher than in the previous month in Italy, the Netherlands and Poland. Spain recorded the highest unemployment rate (10.9%) and Poland the lowest (2.7%).
  • Economic sentiment decreased in France, Italy and the Netherlands in April 2025, was unchanged in Poland, and increased in the 2 other large EU economies. The highest index level (with a long-term average = 100) was recorded in Spain (103.8 points) and the lowest in Germany (89.9 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, February to April 2025 or quarter 4 2024 and quarter 1 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 – Spain

The economy in Spain expanded 0.6% in the 1st quarter of 2025 (when compared with the previous quarter). GDP was 2.8% higher in the 1st quarter of 2025 than a year earlier.

Industrial production increased by 1.0% month on month in March 2025, building on a 0.9% increase in the previous month. Overall, industrial production was 1.3% higher in March 2025 than a year earlier.

In April 2025, the economic sentiment indicator increased by 0.4 points to 103.8 points, the 4th highest level among the EU countries.

Industrial producer prices decreased 3.9% in March 2025 compared with the previous month, the 1st decrease since October 2024. These prices were 4.8% higher than a year earlier.

The annual inflation rate was 2.2% in April 2025, unchanged from the previous month. These rates were lower than the rate observed a year earlier (3.4%, April 2024).

The volume of retail trade sales decreased slightly (down 0.2%) in March 2025 compared with the previous month. Compared with a year earlier, retail trade sales were 3.5% higher.

In March 2025, an unemployment rate of 10.9% was recorded, the highest among the EU countries. In March 2025, 2.70 million people were unemployed in Spain, of which 477 000 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 Spain over the latest 13-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, Spain, April 2024 to April 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 Spain over the latest 13-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, Spain, April 2024 to April 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 Spain 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 12: Rates of change for demand indicators, Spain, April 2024 to March 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 Spain 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 13: Labour indicator rates, Spain, April 2024 to March 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 April 2025, the annual inflation rate was 3.9% in Iceland (up from 3.4% in the previous month), 2.1% in Norway (down from 2.3%) and 0.3% in Switzerland (up from 0.1%).
  • In March 2025, the unemployment rate increased to 4.4% in Norway (from 4.0%). In January 2025, the unemployment rate was 3.6% in Iceland, while in December 2024 it was 4.5% in Switzerland.
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, February to April 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 1st quarter of 2025 by 1.2% in China, while it contracted slightly in the United States (down 0.1%) and Japan (down 0.2%). Compared with 1 year earlier (the 1st quarter of 2024), GDP in the 1st quarter of 2025 was 5.4% higher in China, 2.0% higher in the United States and 1.6% higher in Japan.
  • In April 2025, the annual inflation rate was stable at -0.1% in China (unchanged from the previous month) and down slightly at 2.3% in the United States (from 2.4%). In March 2025, the rate was 3.6% in Japan.
  • In March 2025, the unemployment rate increased to 4.2% in the United States (from 4.1% in the previous month) and to 2.5% in Japan (from 2.4%).
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, February to April 2025 or quarter 4 2024 and quarter 1 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

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.

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 and employment estimates for the first quarter of 2025.
  5. ↑ For further information, see Annual inflation stable at 2.2% in the euro area – April 2025.

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