Markets Actual Q4 Q1 Q2 Q3 2021
Currency 1.17 1.17 1.17 1.16 1.16 1.15
Stock Market (points) 3193.16 3147 3078 3010 2944 2812

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -11.80 2.9 1.6 1.4 0.8 1
GDP Annual Growth Rate (%) -14.70 -4.8 -0.6 12.6 7.5 4
Unemployment Rate (%) 8.10 9.6 9.4 9.1 9 8.8
Inflation Rate (%) -0.20 0.3 0.6 1.3 1.2 1.4
Inflation Rate Mom (%) -0.40 0.4 0.5 0.3 0.5 0.5
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 27934.90 13000 22000 29500 16200 14000
Current Account (EUR Billion) 25.54 25.1 32 28 25.1 28.9
Current Account to GDP (%) 2.70 3.4 3.6 3.6 3.6 3.6
Government Debt to GDP (%) 84.10 102 98 98 98 98
Government Budget (% of GDP) -0.60 -8.4 -4 -4 -4 -4
Business Confidence (points) -1.19 -1 -0.3 0.5 0.3 -0.1
Manufacturing PMI (points) 53.70 50.1 51 54 53.2 52
Services PMI (points) 47.60 47 50 53.6 52.5 51
Consumer Confidence (points) -13.90 -16.5 -14 -10 -11 -12
Retail Sales MoM (%) -1.30 -0.7 1 0.9 -0.6 0.6
Corporate Tax Rate (%) 22.70 23.3 22.7 22.7 22.7 23.3
Personal Income Tax Rate (%) 41.70 41.5 41.7 41.7 41.7 41.5

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -11.80 2.9 1.6 1.4 0.8 1
GDP Annual Growth Rate (%) -14.70 -4.8 -0.6 12.6 7.5 4
GDP (USD Billion) 13335.84 11800 12700 12700 12700 12700
GDP Constant Prices (EUR Billion) 2416.14 2724 2708 2722 2721 2767
Gross Fixed Capital Formation (EUR Billion) 498.91 576 604 598 562 586
GDP per capita (USD) 41387.60 38300 39200 39200 39200 39200
GDP per capita PPP (USD) 47037.10 45200 46200 46200 46200 46200

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 8.10 9.6 9.4 9.1 9 8.8
Unemployed Persons (Thousand) 13188.00 15900 15100 14800 14700 14800
Employed Persons (Million ) 155.60 149 150 154 155 157
Long Term Unemployment Rate (%) 3.10 5 4.7 4.9 4.8 4.6
Youth Unemployment Rate (%) 18.10 14 18 17.8 17.5 12.9
Productivity (points) 104.10 99.9 100 100 100 100
Labour Costs (points) 115.70 122 111 104 117 125
Wages (EUR/Month) 1869.00 1893 1855 1873 1890 1942
Wage Growth (%) 5.20 -2 0.2 1.1 1.2 1.5
Population (Million) 341.90 342 343 343 343 343
Employment Change (%) -2.90 -1.6 -0.4 0.6 0.5 0.7
Labor Force Participation Rate (%) 57.60 55.2 55.6 56.2 56.5 56.7
Retirement Age Men 64.36 64.75 65 65 65 65
Retirement Age Women 63.96 64.5 64.75 64.75 64.75 64.75

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) -0.20 0.3 0.6 1.3 1.2 1.4
Inflation Rate Mom (%) -0.40 0.4 0.5 0.3 0.5 0.5
Consumer Price Index CPI (points) 104.88 107 106 106 107 109
Core Consumer Prices (points) 104.71 106 105 105 107 108
Core Inflation Rate (%) 0.40 0.6 0.9 1.2 1.4 1.5
GDP Deflator (points) 107.56 115 106 107 109 117
Producer Prices (points) 101.40 109 104 103 103 111
Producer Prices Change (%) -2.50 -0.6 0.2 2.3 1.9 2
Food Inflation (%) 1.20 1.7 1.6 1.7 1.9 2.3
CPI Housing Utilities (points) 103.77 108 106 106 105 109
CPI Transportation (points) 104.45 108 107 105 105 110

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 0.00 0 0 0 0 0
Money Supply M1 (EUR Million) 9855236.00 9850000 9950000 9910000 9860000 9880000
Interbank Rate (%) -0.51 -0.1 -0.51 -0.51 -0.51 0.4
Money Supply M2 (EUR Million) 13323997.00 14400000 14800000 14600000 14300000 15200000
Money Supply M3 (EUR Million) 14017388.00 14900000 15400000 15200000 14900000 15600000
Foreign Exchange Reserves (USD Billion) 75.29 85 84 86 88 91
Central Bank Balance Sheet (EUR Million) 6534815.00 6810000 6790000 6740000 6820000 6950000
Loans to Private Sector (EUR Million) 4863807.00 5010000 5070000 5060000 5070000 5090000
Deposit Interest Rate (%) -0.50 -0.5 -0.5 -0.5 -0.5 -0.5
Lending Rate (%) 0.25 0.25 0.25 0.25 0.25 0.25
Loan Growth (%) 3.00 0.2 0.6 1 0.9 0.7

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (EUR Million) 27934.90 13000 22000 29500 16200 14000
Current Account (EUR Billion) 25.54 25.1 32 28 25.1 28.9
Current Account to GDP (%) 2.70 3.4 3.6 3.6 3.6 3.6
Imports (EUR Million) 157294.90 147000 152500 142000 154200 147000
Exports (EUR Million) 185229.80 169000 182000 158200 176900 178000
External Debt (EUR Million) 15316858.56 16100000 16500000 16200000 16400000 16600000
Capital Flows (EUR Billion) -5.01 -8 22 18 15 15
Gold Reserves (Tonnes) 504.80 505 505 505 505 505

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 84.10 102 98 98 98 98
Government Budget (% of GDP) -0.60 -8.4 -4 -4 -4 -4
Government Spending (EUR Billion) 564.21 605 612 609 607 605
Government Spending to GDP (%) 47.10 55 50 50 50 50
Government Debt (EUR Million) 10022826.20 11500000 12200000 12200000 12200000 12200000

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 22.70 23.3 22.7 22.7 22.7 23.3
Personal Income Tax Rate (%) 41.70 41.5 41.7 41.7 41.7 41.5
Sales Tax Rate (%) 20.70 20.8 20.7 20.7 20.7 20.8

Business Actual Q4 Q1 Q2 Q3 2021
Business Confidence (points) -1.19 -1 -0.3 0.5 0.3 -0.1
Manufacturing PMI (points) 53.70 50.1 51 54 53.2 52
Services PMI (points) 47.60 47 50 53.6 52.5 51
Composite Pmi (points) 50.10 48 50.6 53.7 52.9 51
Industrial Production (%) -7.70 -3.2 4.5 15 6.5 5
Industrial Production Mom (%) 4.10 -0.4 1 0.9 -1.2 0.7
Manufacturing Production (%) -7.90 -3.6 4.5 18 8.2 5.6
Capacity Utilization (%) 72.10 77 75 78 77 80
Zew Economic Sentiment Index 73.90 2 4 19 14 4
Car Registrations (Thousand) 878.39 690 620 610 630 750
Mining Production (%) -11.80 -2.8 3.6 14 5.1 4.8
Industrial Sentiment -11.10 -16 -12 -10 -12 -14
Services Sentiment -11.10 -12 -8 -12 -7 -3

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) -13.90 -16.5 -14 -10 -11 -12
Retail Sales MoM (%) -1.30 -0.7 1 0.9 -0.6 0.6
Retail Sales YoY (%) 0.40 -3 1.9 10 3.8 4.5
Consumer Spending (EUR Billion) 1282.21 1463 1459 1454 1444 1486
Disposable Personal Income (EUR Million) 1830723.00 1817872 1736841 1819739 2061394 1846958
Personal Savings (%) 16.83 16.4 12.8 12.7 13 12.5
Private Sector Credit (EUR Million) 11847061.00 13200000 13600000 13400000 13000000 12900000
Bank Lending Rate (%) 1.74 2.24 1.74 1.74 1.74 2.74
Economic Optimism Index 91.10 91 95 94 95 98
Consumer Credit (EUR Million) 707946.54 704660 687554 709795 793020 715935
Households Debt To GDP (% of GDP) 58.20 68 65 65 65 65
Households Debt To Income (%) 93.75 99 101 101 101 101
Consumer Confidence Price Trends (points) 12.50 16 16 18 19 20

Housing Actual Q4 Q1 Q2 Q3 2021
Construction Output (%) -3.80 -3.2 2.5 16.2 5.9 5.1
Housing Index (points) 121.81 114 113 117 116 120
Construction Pmi (points) 47.80 50.1 51 54.2 53.4 52
Home Ownership Rate (%) 66.20 65.5 65 65 65 65


This page has economic forecasts for Euro Area including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Euro Area economy.