EU – Muhasebe News

Eurozone Construction Output Rebounds in July; increased by 0.8%

MuhasebeNews — Wed, 20 Sep 2023 09:39:55 +0000

In July 2023 compared with June 2023, seasonally adjusted production in the construction sector increased by 0.8% in the euro area and by 0.7% in the EU, according to first estimates from Eurostat, the statistical office of the European Union. In June 2023, production in construction fell by 1.2% in the euro area and by 1.0% in the EU.

In July 2023 compared with July 2022, production in construction increased by 1.0% in the euro area and by 0.9% in the EU.

Monthly comparison by construction sector and by Member State

In the euro area in July 2023, compared with June 2023, building construction increased by 0.9%, while civil engineering decreased by 0.4%.

In the EU, building construction increased by 0.8%, while civil engineering decreased by 1.7%. Among Member States for which data are available, the highest monthly increases in production in construction were recorded in Hungary (+8.4%), Belgium (+2.9%) and Germany (+2.6%). The largest decreases were observed in Slovenia (-6.5%), Czechia (-3.7%) and Finland (-1.6%).

Annual comparison by construction sector and by Member State

In the euro area in July 2023, compared with July 2022, civil engineering increased by 3.0% and building construction by 0.9%.

In the EU civil engineering increased by 2.8% and building construction by 0.6%. Among Member States for which data are available, the highest annual increases in production in construction
were observed in Slovenia (+17.6%), Romania (+15.8%) and Belgium (+8.2%). Decreases were recorded in Finland (-5.9%), Sweden (-4.7%), Czechia (-2.2%) and Bulgaria (-1.7%).

Source: Eurostat
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Industrial production up by 1.0% in the euro area in April and by 0.7% in the EU

MuhasebeNews — Thu, 15 Jun 2023 07:42:21 +0000

In April 2023, the seasonally adjusted industrial production increased by 1.0% in the euro area and by 0.7% in the EU, compared with March 2023, according to estimates from Eurostat, the statistical office of the European Union. In March 2023, industrial production decreased by 3.8% in the euro area and by 3.2% in the EU.

In April 2023 compared with April 2022, industrial production increased by 0.2% in the euro area and by 0.1% in the EU.

Monthly comparison by main industrial grouping and by Member State

In the euro area in April 2023, compared with March 2023, production of capital goods grew by 14.7% and energy by 1.0%, while production of intermediate goods fell by 1.0%, durable consumer goods by 2.6% and non-durable consumer goods by 3.0%.

In the EU, production of capital goods grew by 12.1% and energy by 0.3%, while production of intermediate goods fell by 1.0%, durable consumer goods and non-durable consumer goods both by 2.2%.

Among Member States for which data are available, the highest monthly increases were registered in Ireland (+21.5%), Lithuania (+2.8%) and Sweden (+1.4%). The largest decreases were observed in Slovenia (-7.9%), Portugal (-5.5%) and the Netherlands (-3.5%).

Annual comparison by main industrial grouping and by Member State

In the euro area in April 2023, compared with April 2022, production of capital goods rose by 8.3% and nondurable consumer goods by 0.6%, while production of durable consumer goods fell by 4.6%, intermediate goods by 6.2% and energy by 7.4%.

In the EU, production of capital goods rose by 8.8% and non-durable consumer goods by 1.8%, while production of durable consumer goods fell by 6.1%, intermediate goods by 6.6% and energy by 8.3%.

Among Member States for which data are available, the highest annual increases were registered in Ireland (+22.5%), Malta (+14.3%) and Denmark (+12.2%). The largest decreases were observed in Estonia (-15.1%), the Netherlands (-12.8%) and Bulgaria (-12.5%).

Annual inflation in the EU dropped to 8.1% and reached 7.0% in the euro area

MuhasebeNews — Mon, 22 May 2023 06:48:26 +0000

The euro area annual inflation rate was 7.0% in April 2023, up from 6.9% in March. A year earlier, the rate was 7.4%. European Union annual inflation was 8.1% in April 2023, down from 8.3% in March. A year earlier, the rate was 8.1%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Luxembourg (2.7%), Belgium (3.3%) and Spain (3.8%). The highest annual rates were recorded in Hungary (24.5%), Latvia (15.0%) and Czechia (14.3%). Compared with March, annual inflation fell in twenty-two Member States and rose in five.

In April, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+2.75 percentage points, pp), followed by services (+2.21 pp), non-energy industrial goods (+1.62 pp) and energy (+0.38 pp)

Industrial production down by 4.1% in the euro area and by 3.6% in the EU

MuhasebeNews — Mon, 15 May 2023 10:13:46 +0000

In March 2023, the seasonally adjusted industrial production decreased by 4.1% in the euro area and by 3.6% in the EU, compared with February 2023, according to estimates from Eurostat, the statistical office of the
European Union. In February 2023, industrial production increased by 1.5% in the euro area and by 1.4% in the EU.

In March 2023 compared with March 2022, industrial production decreased by 1.4% in the euro area and by 1.3% in the EU.

Monthly comparison by main industrial grouping and by Member State

In the euro area in March 2023, compared with February 2023, production of capital goods fell by 15.4%, intermediate goods by 1.8%, energy by 0.9% and non-durable consumer goods by 0.8%, while production of durable consumer goods rose by 2.8%.

In the EU, production of capital goods fell by 12.9%, intermediate goods by 1.6%, non-durable consumer goods by 1.3% and energy by 1.0%, while production of durable consumer goods rose by 2.0%.

Among Member States for which data are available, the largest monthly decreases were registered in Ireland (-26.3%), Sweden (-3.9%) and Germany (-3.1%). The highest increases were observed in Finland (+3.0%), Slovenia (+2.3%), Czechia and Slovakia (both +1.7%).

Annual comparison by main industrial grouping and by Member State

In the euro area in March 2023, compared with March 2022, production of energy fell by 6.1%, intermediate goods by 4.7%, capital goods by 2.1% and durable consumer goods by 0.8%, while production of non-durable consumer
goods rose by 6.8%.

In the EU, production of energy fell by 9.1%, intermediate goods by 5.6% and durable consumer goods by 3.1%, while production of capital goods rose by 0.4% and non-durable consumer goods by 7.1%. Among Member States for which data are available, the largest annual decreases were registered in Ireland (-26.1%), Lithuania (-16.6%) and Estonia (-12.6%). The highest increases were observed in Malta (+12.5%), Denmark (+8.9%) and Spain (+5.6%).

Recent job starters in the EU saw a slight decrease compared with Q4 2022

MuhasebeNews — Mon, 08 May 2023 07:14:35 +0000

In the fourth quarter of 2022 (Q4 2022), the share of recent job starters (people who started their current job within the last 3 months) aged 15-64 among the total employed people in the EU saw a slight decrease compared with Q4 2021 (from 6.2% to 6.0%; equal to -0.2 percentage points, or pp).

Female recent job starters experienced a larger decline (from 6.8% in Q4 2021 to 6.5% in Q4 2022; -0.3 pp) than their male counterparts (from 5.7% to 5.5%; -0.2 pp).

The decrease in female recent job starters was particularly noticeable among those aged 15-29 participating in formal education, with a decline from 27.4% in Q4 2021 to 25.5% in Q4 2022 (-1.9 pp). In contrast, males within the same age group and category experienced a smaller decrease – from 25.0% to 24.6% (-0.4 pp).

The most significant decline in the rate of male recent job starters occurred among those aged 15-29 not participating in formal education, with a decrease from 13.2% in Q4 2021 to 12.5% in Q4 2022 (-0.8 pp).

In Q4 2022, the highest rates of recent job starters in total employment were observed in Denmark (9.4%), Finland (8.6%), and the Netherlands (8.4%). The lowest rates were recorded in Romania (1.8%), Slovakia (2.1%), and Bulgaria (2.4%).

The downward trend observed at the EU level was also evident in 20 EU countries. The largest decreases were recorded in Slovenia (-1.8 pp in Q4 2022 compared with Q4 2021), Cyprus (-1.4 pp), and Belgium (-1.1 pp). Meanwhile, the largest increases were recorded in Luxembourg (+1.0 pp), Sweden (+0.6 pp), and Austria (+0.5 pp).

Euro area unemployment at 6.5% and EU at 6.0%

MuhasebeNews — Thu, 04 May 2023 07:17:34 +0000

In March 2023, the euro area seasonally-adjusted unemployment rate was 6.5%, down from 6.6% in February 2023 and from 6.8% in March 2022. The EU unemployment rate was 6.0% in March 2023, stable compared with February 2023 and down from 6.2% in March 2022. These figures are published by Eurostat, the statistical office of the European Union.

Eurostat estimates that 12.960 million persons in the EU, of whom 11.010 million in the euro area, were unemployed in March 2023. Compared with February 2023, unemployment decreased by 155 thousand in the EU and by 121 thousand in the euro area. Compared with March 2022, unemployment decreased by 353 thousand in the EU and by 365 thousand in the euro area.

Youth unemployment

In March 2023, 2.763 million young persons (under 25) were unemployed in the EU, of whom 2.264 million were in the euro area. In March 2023, the youth unemployment rate was 14.3% both in the EU and in the euro area, down from respectively 14.5% and 14.4% in the previous month. Compared with February 2023, youth unemployment decreased by 33 thousand in the EU and by 14 thousand in the euro area. Compared with March 2022, youth unemployment increased by 105 thousand in the EU and by 91 thousand in the euro area.

Unemployment by sex

In March 2023, the unemployment rate for women was 6.3% in the EU, down from 6.4% in February 2023. The unemployment rate for men was 5.6% in March 2023, down from 5.7% in the previous month. In the euro area, the unemployment rate for women was 7.0%, down from 7.1% in February 2023. The unemployment rate for men was 6.1%, stable compared with the previous month.

Electricity & gas in the EU hit record prices in 2022

MuhasebeNews — Wed, 26 Apr 2023 10:38:41 +0000

In the second half of 2022, average household electricity prices in the EU continued to show a sharp increase compared with the same period in 2021, from €23.5 per 100 kWh to €28.4 per 100 kWh. Average gas prices also increased compared with the same period in 2021 from €7.8 per 100 kWh to €11.4 per 100 kWh in the second half of 2022. These prices are the highest on Eurostat’s record.

After a significant increase in prices that started before the Russian invasion of Ukraine but skyrocketed up to the second semester of 2022, electricity and natural gas prices have recently shown signs of stabilizing, partly due to policies and interventions by EU governments. EU countries opted for various measures, such as reducing taxes and fees, temporary tax waivers to consumers, price caps, providing lump sum support or allocating vouchers to final consumers, and some countries applied regulated prices.

Compared with the second half of 2021, the share of taxes in the electricity bill dropped sharply from 36% to 16% (-18.3%) and in the gas bill from 27% to 14% (-15.8%), with all EU countries putting in place governmental allowances and subsidies or reduce taxes and levies to mitigate high-energy costs. These governmental measures, while lowering energy prices for the final consumer, have burdened governmental accounts.

This information comes from data on electricity and gas prices published recently by Eurostat. The article presents a handful of findings from the more detailed Statistics Explained articles on electricity prices and natural gas prices.

Electricity prices up in all EU countries except Malta and the Netherlands

Household electricity prices rose in all EU members, except Malta (-3%, in national currencies) and the Netherlands (-7%), in the second half of 2022, compared with the same period of 2021. Prices in Malta are regulated, while the Dutch government supports consumers with lump sums and taxes reduction. The highest increases were recorded in Romania (+112%), Czechia (+97%), Denmark (+70%), Lithuania (+65%) and Latvia (+59%), while the lowest were in Luxembourg (+3%), Austria and Germany (both +4%), and Poland and Bulgaria (both +5%). Expressed in euro, average household electricity prices in the second half of 2022 were lowest in Hungary (€10.8 per 100 kWh), Bulgaria (€11.5) and Malta (€12.8) and highest in Denmark (€58.7), Belgium (€44.9), and Ireland (€42.0).

Gas prices increased in all EU countries

Between the second half of 2021 and the second half of 2022, gas prices increased in all 27 EU countries. Gas prices (in national currencies) surged the most in Czechia (+231%), Romania (+165%), Latvia (+157%), Lithuania (+112%) and Belgium (+102%). There were only two increases below 20%: Croatia (+14%) and Slovakia (18%). All price increases are from the energy and supply component, mainly driven by the recent energy crisis.

Expressed in euro, average household gas prices in the second half of 2022 were lowest in Hungary (€3.5 per 100 kWh), Croatia (€4.5) and Slovakia (€4.9) and highest in Sweden (€27.5), Denmark (€20.8) and the Netherlands (€19.3). The price of natural gas for households in Sweden was 157 % higher than the EU average price. However, natural gas use in Sweden is very limited.

Production in construction up by 3.9% in the euro area and by 3.5% in the EU in January 2023 compared with December 2022

MuhasebeNews — Tue, 28 Mar 2023 08:36:07 +0000

In January 2023 compared with December 2022, seasonally adjusted production in the construction sector increased by 3.9% in the euro area and by 3.5% the EU, according to first estimates from Eurostat, the statistical office of the European Union. In December 2022, production in construction fell by 2.3% in the euro area and by 2.0% in the EU.
In January 2023 compared with January 2022, production in construction increased by 0.9% in the euro area and by 1.4% in the EU.

Monthly comparison by construction sector and by Member State

In the euro area in January 2023, compared with December 2022, building construction increased by 4.2% and civil engineering by 3.0%. In the EU, building construction increased by 3.6% and civil engineering by 2.3%.

Among Member States for which data are available, the highest monthly increases in production in construction were recorded in Germany (+12.6%), Slovenia (+9.8%) and Poland (+7.0%). The largest decreases were observed in Hungary (-5.0%), Romania (-4.3%) and Belgium (-1.5%).

Annual comparison by construction sector and by Member State

In the euro area in January 2023, compared with January 2022, building construction increased by 1.4%, while civil engineering decreased by 1.9%.

In the EU building construction increased by 1.5% and civil engineering by 0.5%.
Among Member States for which data are available, the highest annual increases in production in construction were observed in Slovenia (+26.7%), Slovakia (+14.7%) and Portugal (+6.3%). The largest decreases were recorded in Belgium (-4.7%), Hungary (-3.6%) and Finland (-2.7%).

Production in construction up by 3.9% in the euro area and by 3.5% in the EU

MuhasebeNews — Thu, 23 Mar 2023 08:02:33 +0000

In January 2023 compared with January 2022, production in construction increased by 0.9% in the euro area and by 1.4% in the EU.

Monthly comparison by construction sector and by Member State

In the euro area in January 2023, compared with December 2022, building construction increased by 4.2% and civil engineering by 3.0%.

In the EU, building construction increased by 3.6% and civil engineering by 2.3%.

Annual comparison by construction sector and by Member State

In the euro area in January 2023, compared with January 2022, building construction increased by 1.4%, while civil engineering decreased by 1.9%.

Euro area international trade in goods deficit €30.6 bn and €34.6 bn deficit for EU in January 2023

MuhasebeNews — Wed, 22 Mar 2023 07:54:16 +0000

Euro area

The first estimate for euro area exports of goods to the rest of the world in January 2023 was €222.9 billion, an increase of 11.0% compared with January 2022 (€200.8 bn). Imports from the rest of the world stood at €253.5 bn, a rise of 9.7% compared with January 2022 (€231.1 bn). As a result, the euro area recorded a €30.6 bn deficit in
trade in goods with the rest of the world in January 2023, compared with -€30.2 bn in January 2022. Intra-euro area trade rose to €223.8 bn in January 2023, up by 11.6% compared with January 2022.

In January to December 2022, euro area exports of goods to the rest of the world rose to €2 868.4 bn (an increase of 18.0% compared with January-December 2021), and imports rose to €3 201.9 bn (an increase of 37.7% compared with January-December 2021). As a result the euro area recorded a deficit of €333.5 bn, compared with a surplus of €105.3 bn in January-December 2021. Intra-euro area trade rose to €2 764.3 bn in January December 2022, up by 24.7% compared with January-December 2021.

European Union

The first estimate for extra-EU exports of goods in January 2023 was €198.6 billion, up by 10.6% compared with January 2022 (€179.6 bn). Imports from the rest of the world stood at €233.3 bn, up by 7.0% compared with January 2022 (€218.1 bn). As a result, the EU recorded a €34.6 bn deficit in trade in goods with the rest of the world in January 2023, compared with -€38.6 bn in January 2022. Intra-EU trade rose to €345.7 bn in January 2023, +12.1% compared with January 2022.

In January to December 2022, extra-EU exports of goods rose to €2 572.3 bn (an increase of 17.9% compared with January-December 2021), and imports rose to €3 004.4 bn (an increase of 41.3% compared with JanuaryDecember 2021). As a result, the EU recorded a deficit of €432.1 bn, compared with a surplus of €55.0 bn in January-December 2021. Intra-EU trade rose to €4 227.3 bn in January-December 2022, +22.8% compared with January-December 2021.