Markets Actual Q3 Q4 Q1 Q2 2023
Currency 1.02 1.01 0.99 0.98 0.97 0.95
Stock Market (points) 3757.22 3585 3449 3319 3193 2956

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 0.70 0.4 0.5 0.7 0.7 0.4
GDP Annual Growth Rate (%) 4.00 1 1.5 1.8 2.3 2.4
Unemployment Rate (%) 6.60 6.9 7.3 7.2 6.9 6.8
Inflation Rate (%) 8.90 8.7 7.4 5.2 3.4 2.9
Inflation Rate Mom (%) 0.10 0.4 0.6 0.9 0.7 0.5
Interest Rate (%) 0.50 0.75 1.25 1.5 1.75 1.75
Balance of Trade (EUR Million) -26300.00 -43605 -58900 -53550 -65310 15150
Current Account (EUR Billion) -15.40 33 31 32 37 34
Current Account to GDP (% of GDP) 2.50 2.7 2.7 2.7 3.1 3.1
Government Debt to GDP (% of GDP) 95.60 95 95 93.1 93.1 93.1
Government Budget (% of GDP) -5.10 -3.9 -3.9 -2.6 -2.6 -2.6
Business Confidence (points) 1.14 0.7 -0.3 0.4 0.7 0.8
Manufacturing PMI (points) 49.80 52 51.5 52.2 52.7 54
Services PMI (points) 51.20 52 50.6 51.8 52.5 52.3
Consumer Confidence (points) -27.00 -19 -17 -11 -8 -6
Retail Sales MoM (%) -1.20 -0.6 0.3 0.5 0.6 0.6
Corporate Tax Rate (%) 23.00 23 23 23 23 23
Personal Income Tax Rate (%) 42.90 42.9 42.9 42.9 42.9 42.9

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 0.70 0.4 0.5 0.7 0.7 0.4
GDP Annual Growth Rate (%) 4.00 1 1.5 1.8 2.3 2.4
GDP (USD Billion) 14493.21 14200 14200 14800 14800 14800
GDP Constant Prices (EUR Billion) 2891.27 2878 2899 2926 2958 2969
Gross Fixed Capital Formation (EUR Billion) 615.55 602 624 627 630 639
GDP per capita (USD) 36352.04 38800 38800 39600 39600 39600
GDP per capita PPP (USD) 46301.02 47000 47000 47700 47700 47700
Full Year GDP Growth (%) 5.30 2.8 2.8 1.5 1.5 1.5

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 6.60 6.9 7.3 7.2 6.9 6.8
Employed Persons (Million ) 162.55 160 160 161 161 161
Unemployed Persons (Thousand) 10925.00 11750 11690 11650 11650 11550
Long Term Unemployment Rate (%) 2.90 3.2 3 3.5 3.2 3.4
Youth Unemployment Rate (%) 13.60 13.9 14.3 14.2 13.9 13.7
Productivity (points) 103.98 105 105 105 105 107
Labour Costs (points) 107.90 112 124 112 112 129
Wages (EUR/Month) 1963.00 2043 2055 2045 2038 2129
Wage Growth (%) 2.70 4.1 4.7 4.2 3.8 3.6
Population (Million) 342.56 345 345 345 345 345
Retirement Age Men 64.61 65 65 65 65 65
Retirement Age Women 64.29 65 65 65 65 65
Labor Force Participation Rate (%) 74.50 73.7 74 74.1 74.1 74.1
Employment Change (%) 0.60 0.3 0.5 0.4 0.4 0.4

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 8.90 8.7 7.4 5.2 3.4 2.9
Inflation Rate Mom (%) 0.10 0.4 0.6 0.9 0.7 0.5
Consumer Price Index CPI (points) 117.14 118 119 120 121 122
Core Consumer Prices (points) 110.50 111 111 112 114 114
Core Inflation Rate (%) 4.00 3.5 3.2 2.9 2.8 2.5
GDP Deflator (points) 110.62 119 119 116 114 122
Producer Prices (points) 150.60 151 155 158 157 159
Producer Prices Change (%) 35.80 28 19 8 4.2 2.5
Food Inflation (%) 10.40 2.1 2 1.8 1.8 1.5
Producer Price Inflation MoM (%) 1.10 1.3 0.2 0.4 0.4 0.4
CPI Housing Utilities (points) 125.98 120 123 132 130 127
CPI Transportation (points) 125.85 126 127 128 129 130

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 0.50 0.75 1.25 1.5 1.75 1.75
Interbank Rate (%) -0.58 -0.33 0.17 0.42 0.67 0.67
Money Supply M1 (EUR Million) 11567388.00 11690000 11880000 11920000 11920000 12210000
Money Supply M2 (EUR Million) 15068115.00 15540000 15600000 15760000 15760000 16100000
Money Supply M3 (EUR Million) 15850535.00 16100000 16200000 16340000 16340000 16800000
Foreign Exchange Reserves (USD Billion) 82.37 81 84 85 85 91
Central Bank Balance Sheet (EUR Million) 8765687.00 8880000 8940000 8910000 8910000 8950000
Loans to Private Sector (EUR Million) 4993023.00 4933762 5120000 4980069 5107863 5170000
Lending Rate (%) 0.75 1 1.5 1.75 2 2
Loan Growth (%) 4.60 3.7 3.5 3.3 2.6 2.5
Deposit Interest Rate (%) 0.00 -0.5 -0.3 1 1.25 0

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (EUR Million) -26300.00 -43605 -58900 -53550 -65310 15150
Current Account (EUR Billion) -15.40 33 31 32 37 34
Current Account to GDP (% of GDP) 2.50 2.7 2.7 2.7 3.1 3.1
Imports (EUR Million) 274755.30 268900 279200 285000 293500 209650
Exports (EUR Million) 248451.40 225295 220300 231450 228190 224800
External Debt (EUR Million) 16415917.53 16800000 17000000 17100000 17100000 17500000
Capital Flows (EUR Billion) 15.48 23 19 16 16 22
Gold Reserves (Tonnes) 504.77 505 505 505 505 505

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 95.60 95 95 93.1 93.1 93.1
Government Budget (% of GDP) -5.10 -3.9 -3.9 -2.6 -2.6 -2.6
Government Spending (EUR Billion) 611.79 618 600 623 626 638
Government Spending to GDP (% of GDP) 52.40 50 50 48 48 48
Government Debt (EUR Million) 11107741.00 12700000 12700000 13400000 13400000 13400000

Taxes Actual Q3 Q4 Q1 Q2 2023
Corporate Tax Rate (%) 23.00 23 23 23 23 23
Personal Income Tax Rate (%) 42.90 42.9 42.9 42.9 42.9 42.9
Sales Tax Rate (%) 20.70 20.7 20.7 20.7 20.7 20.7

Business Actual Q3 Q4 Q1 Q2 2023
Business Confidence (points) 1.14 0.7 -0.3 0.4 0.7 0.8
Manufacturing PMI (points) 49.80 52 51.5 52.2 52.7 54
Services PMI (points) 51.20 52 50.6 51.8 52.5 52.3
Composite PMI (points) 49.90 51.9 51.3 52.3 53.5 54.4
Industrial Production (%) 1.60 1.1 2.5 4.1 4.6 3.2
Industrial Production Mom (%) 0.80 -0.8 0.3 0.8 0.5 0.4
Manufacturing Production (%) 2.00 2.6 4 3.8 3.8 3.4
Capacity Utilization (%) 82.40 82.5 82.6 82.8 82.8 83.6
ZEW Economic Sentiment Index -53.80 -44 -29 7 14 19
Car Registrations (Thousand) 606.56 685 792 748 748 950
Services Sentiment 10.70 7 9 13 19 12
Mining Production (%) -4.70 2.4 3.4 3.2 3.2 2.6
Industrial Sentiment 3.50 -1.2 -3.6 2.8 3.6 5

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) -27.00 -19 -17 -11 -8 -6
Retail Sales MoM (%) -1.20 -0.6 0.3 0.5 0.6 0.6
Retail Sales YoY (%) -3.70 1.2 1.8 3.6 2.8 2.2
Consumer Spending (EUR Billion) 1491.57 1521 1524 1518 1526 1561
Disposable Personal Income (EUR Million) 1946433.00 1908033 1903902 1981469 1991201 1949596
Personal Savings (%) 14.98 12.2 12.5 12.6 12.6 12.2
Private Sector Credit (EUR Million) 12779404.00 12633236 12500000 12969337 13111669 13088894
Households Debt To GDP (% of GDP) 60.20 63 63 61 61 61
Households Debt To Income (%) 96.79 97 97 95 95 95
Bank Lending Rate (%) 1.78 2.03 2.53 2.78 3.03 3.03
Economic Optimism Index 99.00 106 107 108 108 104
Consumer Credit (EUR Million) 709428.12 690242 692506 710598 725745 700556
Consumer Confidence Price Trends (points) 42.80 39 34 22 23 25

Housing Actual Q3 Q4 Q1 Q2 2023
Construction Output (%) 2.90 2.9 3.8 2.6 3.1 2.7
Housing Index (points) 141.80 134 132 134 134 136
Home Ownership Rate (%) 65.60 65.4 65.4 65.2 65.2 65.2
Construction PMI (points) 45.70 51.2 53.2 54 53.4 54.2


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Euro Area Forecast - was last updated on Tuesday, August 9, 2022.