How is the EU economy recovering after the COVID crisis?

As a result of the Covid-19 pandemic and containment measures by EU Member States, EU production indices for industry, construction, services and the trade volume index showed unprecedented decreases around March and April 2020. According to the latest available data, all four economic areas have recovered to, and even surpassed, to different degrees, pre-crisis levels as of February 2020.

For industry, the index was at 105.5 points in February 2020, before dropping 26.8 % by April that year. Since then, it has increased back to its pre-pandemic level, slightly surpassing (+1.9 %) pre-pandemic levels in April 2022.

Total building production decreased 25 % from February to April 2020. One year later, in March 2021, the pre-crisis level had almost been reached again. New numbers for April 2022 show an increase of 1.8 % compared with the situation before the pandemic.

Containment measures also had a strong impact on the production of services as seen from February to April 2020. In this period, there was a decrease of more than 16 % in this sector, but in March 2022, it had rebounded, with data showing a 7.8 % increase compared with February 2020.

The total trade volume in the EU also decreased significantly from February to April 2020 (by more than 20 %), but since June 2020, it has been on a positive trend, registering a 4.8 % increase from February 2020 to February 2022.

More information:

Methodological notes:

  • Latest available data: April 2022 for industry and construction, March 2022 for services and February 2022 for trade.
  • Services do not include financial and public services.
  • Total trade volume comprises the sale of motor vehicles, wholesale trade, and retail trade.