Euro Area
Euro Area
Real Gross Domestic Product
Euro Area Gross Domestic Product, chained 2010 prices, 12-month % change, SA, updates quarterly
Real Gross Domestic Product measures the change in the inflation-adjusted value of all goods and services produced in the economy. It comprises private consumption and investment, inventory buildup, government spending and net exports. Markets watch this indicator to gauge the strength and composition of growth.
Euro Area
Unemployment Rate
Euro Area Unemployment Rate, All Persons, %, SA, Updates Monthly
The Unemployment Rate measures the percentage of the labor force currently not working but actively seeking employment. Markets monitor the unemployment rate to assess the cyclical health of the economy and the likelihood that wage demands may increase inflationary pressures.
Euro Area
Consumer Price Index
Harmonised Index of Consumer Prices, All Items, Core (All Items excluding energy, food, alcohol and tobacco), annual change, %, SA, updates monthly
The Harmonised Index of Consumer Prices is a measure of the change over time in the average prices paid by consumers for a market basket of consumer goods and services. It is calculated using the same methodology across members of the European Union. As the most widely used measure of inflation, changes in the index are closely followed by policymakers, financial markets, businesses, and consumers. Eurostat reports both an ‘All Items’ number that includes all categories in the calculation basket, and a ‘Core’ number that strips out highly volatile energy, food, alcohol, and tobacco prices.
Euro Area
Trade Balance
Goods trade balance, billions EUR, seasonally and working day adjusted, updates monthly
Measures the difference in value between imported and exported goods over the reported period. A positive number indicates that more goods were exported than imported – generating a trade surplus – and a negative number indicates a deficit. Trade imbalances may reflect fleeting differences in growth rates or more permanent factors in the composition of growth or the endowment and price of natural resources.
Euro Area
Key Policy Rates
Main Refinancing Operations, Marginal Lending Facility, Deposit Facility Rates, %, updates daily
The European Central Bank targets three rates to influence monetary variables in the economy: the Main Refinancing Operations rate which helps determine the cost of liquidity in the banking system, the Deposit Facility rate, at which banks make overnight deposits within the Eurosystem, and the Marginal Lending Facility rate, which determines the cost of overnight credit to banks in the Eurosystem. The Bank reviews its policy rates every six weeks.
Euro Area
Money Supply Growth
M3 Money Supply, adjusted loans to households, adjusted loans to non-financial corporations, 12-month % change, NSA, updates monthly
M3 Money Supply is a measure of currency that includes cash, checking deposits, non-cash assets that can easily be converted into cash, repurchase agreements, money market fund shares, and debt securities with a maturity of up to two years. The annual growth rate of adjusted loans to the private sector helps quantify spending and investment levels, providing insight into the health of the underlying economy. These data series are used to assess monetary developments and the effects of monetary policy, as well as to monitor financial stability.
Euro Area
Central Bank Assets
European Central Bank total assets, billions EUR, updates weekly
The European Central Bank balance sheet is a consolidated financial statement that shows the assets and liabilities of the Eurosystem national central banks and the European Central Bank itself. The system’s assets consist primarily of government bonds issued by Euro Area member states, corporate debt, and securitized mortgage debt. Its liabilities are mostly currency in circulation, commercial bank reserves, and collateralized reverse repurchase agreements. The balance sheet is used to influence interest rates – when officials want to stimulate the economy, it expands, and when they wish to tighten financial conditions, it shrinks.
Euro Area
Debt Ratios
Credit to general government, non-financial corporate, and household sectors, % of gross domestic product at market value, updates quarterly
Aggregate debt ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.
Euro Area
Net International Investment Position
Net International Investment Position, billions USD, updates quarterly
The net international investment position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.
Euro Area
Currency Reserves
Official reserve assets, foreign currency reserves (in convertible foreign currencies), billions USD, updates monthly
Currency reserves are external holdings that are freely usable for settlement of international transactions, and are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in currency markets to affect exchange rates, and for other related purposes. Developed markets with widely used, freely tradeable international currencies typically provide reserve assets rather than engaging in reserve accumulation.
Latest Analysis
Latest Analysis
Easing Financial Conditions Translate Into Broad-Based Optimism
09 September, 2025
A sense of optimism is percolating across global financial markets this morning, underpinned by hopes for a drawn-out monetary easing campaign from the Federal Reserve. Long-term bond yields are coming...
Onwards & upwards
08 September, 2025
• Upbeat tone. Markets continue to factor in US Fed rate cuts. US bond yields fell further & USD weakened. AUD approaching top of its year-to-date range.• US jobs. Benchmark revisions to US payrolls...
Markets Hunker Down Ahead of Inflation Reports
08 September, 2025
Currency markets are back in consolidation mode as investors keep an eye on international developments and await inflation data that could alter US monetary policy expectations across the front end of...
US stall speed
07 September, 2025
• US jobs. Weaker than forecast US jobs report. US Fed rate cut expectations increase. Lower US bond yields weigh on USD. AUD & NZD firmer.• Fed policy. Step down in employment points to a series of...
US Job Market Hits Wall, Raising Fed Easing Expectations
05 September, 2025
The US job creation engine slowed further last month, reinforcing market expectations for at least two rate cuts from the Federal Reserve in the remainder of the year. According to data just released by...
Bond Market Turmoil Eases As Labour Markets Slow
04 September, 2025
A fragile sense of calm is returning to financial markets this morning as investors revert to betting on an aggressive easing cycle from the Federal Reserve. The yield on the 30-year US Treasury is back...
Sentiment turnaround
03 September, 2025
• Positive tone. Improved risk sentiment overnight with equities rising, bond yields falling, & the USD weaker. AUD/USD rebounded.• US data. US job openings weaker than expected. Cracks in the US jobs...
Strains Grow As Investors Shun Long-Term Debt
03 September, 2025
A global selloff in long-term government bond markets is extending this morning amid a wholesale reappraisal of sovereign debt and inflation risks. Thirty-year securities are coming under the heaviest...
Debt worries
02 September, 2025
• Debt jitters. Concerns about UK debt pushed up yields & weighed on GBP. Shaky risk sentiment supported the USD. AUD lost some ground.• AU growth. Q2 GDP released today. A few push-pull forces at...
Jump In Long-Term Yields Pummels Currency Markets
02 September, 2025
Traders are cutting risk and global interest rates are ratcheting higher as investors sell long-duration instruments this morning, suggesting that a relatively calm summer in financial markets is quickly...