The EU economy held steady, with GDP unchanged quarter-on-quarter in Q2 2023, following a moderate rise in Q1 2023. Economic output, however, remained above its pre-pandemic level from Q4 2019. Among the four major EU economies, France and Spain posted quarter-on-quarter gains and Germany’s economy remained stable, while Italy saw a modest contraction in Q2 2023.
EU industrial production increased in June 2023, while retail trade decreased in the same month, both remaining above their pre-pandemic levels. Industrial production has, however, exhibited a fluctuating pattern in its recovery, while retail trade continued a rather mild downward trend, most likely due to the dampening effect of high inflation on consumer spending. In May 2023, production in services rose, continuing to significantly outperform pre-pandemic levels.
The EU labour market maintained its robust performance in June 2023, with the unemployment rate remaining at historically low levels.
Euro area inflation declined further in July 2023, while core inflation remained unchanged, indicating the persistence of underlying price pressures.
In the same month, EU economic sentiment weakened further below its pre-pandemic level. This decrease was due to significantly lower confidence among managers in industry and construction, only partially offset by markedly higher confidence in retail trade and among consumers. Confidence in services remained broadly unchanged.
You can read the full analysis by clicking “Eurostat commentary” on the dashboard’s header.
The dashboard is updated every month with the latest available data for each indicator.
EU Statistical Dashboard 2
For more information:
- Statistics Explained article on Eurostatistics – data for short-term economic analysis
- Thematic section on COVID-19