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Economic developments in the euro area

Economic developments in the euro area. Euro Area Macroeconomic Developments Division Frankfurt am Main 1 October 2009. Real GDP growth. (quarter-on-quarter growth rate and quarterly percentage point contributions; seasonally adjusted). Sources: Eurostat and ECB calculations.

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Economic developments in the euro area

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  1. Economic developments in the euro area Euro Area Macroeconomic Developments Division Frankfurt am Main 1 October 2009

  2. Real GDP growth (quarter-on-quarter growth rate and quarterly percentage point contributions; seasonally adjusted) Sources: Eurostat and ECB calculations. Last observation: Q2 2009.

  3. Surveys Purchasing Managers' Indices (PMIs) for the euro area (monthly data; seasonally adjusted) expansion contraction Source: Markit. Latest observation: September 2009.

  4. GDP – Consumption Private consumption and retail trade (quarter-on-quarter growth; contributions) Sources: Eurostat and ECB. Last observation: Q2 2009 for Consumption, July 2009 for Retail sales and June 2009 for Retail sales plus car registrations.

  5. GDP – Consumption New Passenger Car Registrations (WDA&SA indices of 3-month moving averages, January 2008=100) Car registration - euro area VS non-euro area. Source: ACEA, A.A.A. and ECB calculations. Latest observation: June 2009. Note: Diamonds show the latest value of the index.

  6. GDP and Employment (q-o-q % growth) Sources: Eurostat and ECB. Last observations: 2009Q2.

  7. Investment (q-o-q % growth) Sources: Eurostat and ECB. Last observations: 2009Q2.

  8. GDP forecasts

  9. HICP inflation and contributions from energy and foods (percentage points, annual percentage changes) Source: Eurostat.. Last observation: August 2009; September 2009 for Overall HICP.

  10. Producer prices and survey data on prices PMI Price survey data and Producer Price Inflation – Manufacturing Sector (Threshold-adjusted diffusion indices; annual growth rate in %) Upward price pressure Downwardprice pressure Source: Markit, Eurostat. Latest Observation: September 2009 for PMI, July 2009 for PPI.

  11. Unemployment and labour costs

  12. Profits

  13. Longer-term inflation expectations Source: ECB and Reuters.

  14. HICP forecasts

  15. Labour markets and productivity EU Countries Division Frankfurt am Main 1 October 2009

  16. Employment – sectors and countries Employment growth (annual growth rates) Growth by sector Contributions by country

  17. Hours and employment Employment growth by hours worked and persons (annual growth rates) DE and IT vs. ES - reflecting short-time work arrangements Source: Eurostat (STS and ESA databases). Note: Hours worked in total industry.

  18. Structure of employment growth Employment by gender (annual growth rates) Employment by age (annual growth rates) Source: Eurostat (LFS database).

  19. Structure of employment growth Employment by level of educational attainment (annual growth rates) Employment by contract type (annual growth rates) Source: Eurostat (LFS database).

  20. Unemployment - countries Monthly increase in unemployment (thousands of persons) Source: Eurostat.

  21. Unemployment - structure Unemployment (% of labour force) By age By gender Source: Eurostat and ECB.

  22. Outlook - Unemployment projections Projected increase in the unemployment rate – EC (level in 2008 and 2010) Euro Area (EA16) Non-EA EU member states Source: Eurostat (LFS and AMECO databases). Note: 2008 value refers to the 2008Q4.

  23. ULCs and profit margins

  24. Labour Costs

  25. Cost cutting strategies (WDN)

  26. Labour productivity Labour productivity per person in the euro area and the US: 1999Q1 - 2009Q2 (annual percentage change) Changes in output and employment in the euro area and the US: 2007Q3-2009Q2 (annual percentage change) Source: Eurostat and ECB calculations

  27. Hourly labour productivity, euro area vs U.S. Hourly labour productivity in the euro area* and the US: 2001Q1-2009Q2 (annual percentage changes) Sources: Eurostat, BLS, OECD, and ECB calculations. Latest observations: 2009Q2; * Hourly productivity is not available for all euro area countries. Euro area 3 refers to Germany, France and Italy; Euro area 8 also includes Austria, Cyprus, Finland, Ireland and Slovakia

  28. Labour productivity – sectors and countries Sectoral contributions to aggregate labour productivity in the euro area (annual percentage change) Country contributions to euro area labour productivity in industry (excluding construction) (annual percentage change) Source: Eurostat and ECB calculations

  29. Productivity – a decomposition

  30. Wage rigidity (WDN)

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