This page has economic forecasts for European Union including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the European Union economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt To GDP 81.60 81 80.4 80.4 80.4 79.8 percent
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Annual Growth Rate 1.90
percent
2 1.9 2.1 2.2 2.3
GDP 17277.70
USD Billion
17900 18500 18500 18500 18700
Gross Fixed Capital Formation 777541.40
EUR Million
764717 775787 793870 794647 800298
GDP Constant Prices 3630006.20
EUR Million
3655854 3667784 3691084 3709866 3825957
GDP Growth Rate 0.30
percent
0.6 0.3 0.3 0.5 0.7
GDP Per Capita 36593.03
USD
37400 38500 38500 38500 39750
GDP Per Capita Ppp 37204.61
USD
38000 38700 38700 38700 39400
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployed Persons 16574.00
Thousand
16500 16400 16300 16200 15800
Long Term Unemployment Rate 3.00
percent
3 2.9 2.9 2.8 2.22
Labour Costs 114.50
Index Points
115 107 115 108 116
Unemployment Rate 6.70
percent
6.2 6 5.9 5.7 5.4
Wage Growth 2.60
percent
2.9 2.8 2.8 2.5 2.4
Youth Unemployment Rate 14.90
percent
14.3 14 13.8 13.6 13
Labor Force Participation Rate 58.10
percent
58.05 58.4 58.6 58.8 60
Part Time Employment 43379.70
Thousand
43200 43300 43400 43500 43800
Population 512.60
Million
513 514 514 514 516
Productivity 106.10
Index Points
107 107 108 109 112
Retirement Age Men 64.28
64.28 64.5 64.5 64.5 65
Retirement Age Women 63.44
63.44 63.7 63.7 63.7 64
Employed Persons 230485.50
Thousand
232000 233000 233000 234000 236000
Employment Change 0.20
percent
0.5 0.4 0.4 0.5 0.6
Full Time Employment 181040.60
Thousand
182000 182000 183000 184000 187000
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Core Consumer Prices 103.83
Index Points
105 105 105 106 109
Core Inflation Rate 1.20
percent
1.6 1.6 1.6 1.7 2
Inflation Rate 2.20
percent
2 2 1.9 2.1 2.2
Inflation Rate Mom 0.20
percent
0.4 0.3 0.4 0.3 0.6
Producer Prices 106.80
Index Points
106 107 108 109 111
Producer Prices Change 4.90
percent
3.3 2.9 2.6 2.5 2.2
GDP Deflator 109.34
Index Points
110 111 112 112 115
CPI Housing Utilities 105.07
Index Points
104 105 105 106 108
Cpi Transportation 107.15
Index Points
105 105 108 109 110
Food Inflation 1.70
percent
2.2 2.2 2.3 2.4 2.2
Consumer Price Index CPI 104.78
Index Points
105 105 106 107 109
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Imports 161998.50
EUR Million
149440 165640 158100 160100 157100
Exports 160191.80
EUR Million
164200 176200 165100 162500 174200
Balance of Trade -1806.70
EUR Million
14760 10560 7000 2400 17100
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt To GDP 81.60
percent
81 80.4 80.4 80.4 79.8
Government Budget -1.00
percent of GDP
-1.1 -0.9 -0.9 -0.9 -0.7
Government Debt 12504712.50
EUR Million
12700000 12900000 12900000 12900000 13200000
Government Spending 733830.20
EUR Million
744578 744971 749241 749974 779222
Government Spending To GDP 45.80
percent
45.7 45.4 45.4 45.4 45.5
Asylum Applications 6400.00
persons
42900 38900 37200 45100 32400
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Industrial Production Mom -0.20
percent
0.4 0.3 -0.3 -0.4 0.3
Manufacturing Production 1.40
percent
3.7 3.4 3.8 3.6 3.8
Mining Production -8.10
percent
1.5 1.4 1.6 1.7 1.9
Steel Production 13945.25
Thousand Tonnes
13800 15200 14500 14200 14200
Industrial Production 1.10
percent
2.6 2.5 2.8 2.7 2.3
Business Confidence 3.00
Index Points
5.1 4.6 4.9 4.5 2
Capacity Utilization 83.40
percent
84.1 83.8 83.7 83.7 84.5
Changes In Inventories 25527.50
EUR Million
14700 11800 24500 17500 12500
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Personal Savings 10.00
percent
9.5 9.1 8.9 8.8 8.5
Retail Sales Mom -0.10
percent
-0.5 0.6 0.4 0.8 0.4
Retail Sales Yoy 1.50
percent
2.4 2.6 2.7 2.9 2.4
Economic Optimism Index 110.40
110 110 110 110 108
Consumer Confidence -2.70
Index Points
-2.4 -2 -2.1 -2.6 -7
Consumer Spending 1995340.60
EUR Million
2019073 2027004 2037243 2039238 2113019
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 112.99
Index Points
112 113 114 114 117
Home Ownership Rate 69.20
percent
68.8 68.5 68.5 68.5 68.4
Construction Output 2.30
percent
1.7 2.5 2.7 2.4 2
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Personal Income Tax Rate 38.60
percent
38.6 38.6 38.6 38.6 38.6
Sales Tax Rate 21.50
percent
21.5 21.5 21.5 21.5 21.5
Corporate Tax Rate 21.30
percent
21.3 21.3 21.3 21.3 21.3



European Union - Forecast - 2018-2020