Economic Overview December 2015 Outline Production Productivity Employment, working hours
(1) Total Economy (2) Industry Production Productivity Employment, working hours Inflation, output prices Wages, unit labour cost Trade balance Total Economy According to EU forecasts, this trend will continue in 2016 and 2017.
Slight improvement in economic growth in the EU in the last two years after a double-dip recession. According to EU forecasts, this trend will continue in 2016 and 2017. Source: AMECO The economic growth is forecast to further pick up in 2016.
At least 1% GDP increase in every country but two if the predictions materialise. Increased GDP volume is expected in all European countries in 2017.
At least 1.1% in every country, but these forecasts might prove too optimistic. The annual production value was just above the pre-crisis level in the EU in 2014.
Spain had lost 6.3%, Italy 9.0% and Greece 26.0%. Big differences with respect to GDP per capita in Europe.
Four countriesbelow 8000 euros per year. The EU average was 27400 euros in 2014. No data for Turkey. A bit more equality when differences in purchasing power are eliminated.
No data for Turkey. Industry (NACE B-E) accounted for 18.9% of total value added in 2014.
B=Mining, oil and gas C=Manufacturing D= Energy supply E = Water supply It will take another few years before we again see the level of 2008.
The total employment in EU-28was reduced by million from 2008 to 2013. It will take another few years before we again see the level of 2008. Source: AMECO The highest growth in total employment is expected in Spain (2.6%).
The percentage growth for EU-28 will be 0.8% in 2016 according to the latest forecast from the Commission (November 2015). The highest growth in total employment is expected in Spain (2.6%). Source: AMECO The forecast for 2017 is 0.9% for EU-28.
Again we find the highest growth figures for southern European countries. Employment still below pre-crisis levels in the EU-28 and EA-19.
Turkey most positive with 25.1% increase since 2007. Industry (NACE B-E) accounted for 15
Industry (NACE B-E) accounted for 15.6% of employment in the EU-28 last year. B=Mining, oil and gas C=Manufacturing D= Energy supply E = Water supply Big differences between the countries.
The working hours are longest in Poland. No data for Turkey, Norway, Switzerland and some others. The average number of yearly working hours lower than in 2007 in most countries.
No data for Turkey, Norway, Switzerland and some others. More than 10% unemployment in EU-28 last year.
Big differences between the countries. Spain and Greece both over 24%. No data for Switzerland. Unprecedentedly high levels of unemployed people under 25 years.
Spain and Greece over 50%. Only two countries below 10%. No data for Switzerland. A 4.5% growth in productivity in the EU since 2007.
Nine countries above 10%. Highest increases in new EU member states, Ireland and Spain. No data for Turkey. Nominal wage increases have exceeded real labour productivity growth in all countries except Greece, Ireland and Cyprus since 2007. Real unit labour cost has fallen in twelve countries since 2007, meaning that the wage share of GDP has gone down and the capital share has grown. Germany had a surplus in its foreign trade of 215 billion euros last year.
France and UK had deficits of 162 million between them. The Netherlands exported goods and services worth 180 billion euros more than it imported from other EU member states last year. Germany has the highest trade surplus with countries outside the EU. Industry Norway on top because of big oil and gas sector.
EU average 18.9% when mining, petroleum production andenergy supply are included. Norway on top because of big oil and gas sector. No data for Turkey. Manufacturing sector has greatest relative significance in the Czech Republic, Hungary, Slovenia and Germany. EU average is 15.3%. No data for Turkey. Industrial production in the EU-28 seems to be levelling out.
Source: Eurostat, Short-term business statistics. Most positive developments in new EU member states
Stagnation in Germany. Down in EU-28 and EA-19: 8-9%.Four countries have lost more than 20%. No data for Switzerland. Biggest reduction in the mining sector andclothes production sector since 2007. Industrial employment in the EU was 3
Industrial employment in the EU was 3.9 million lower in 2014 than in 2008. The level is almost as high as in 2010. Slight increase in 2014. Germany has 8 million jobs in industry.
8 countries above one million, also Romania and theCzech Republic. Poland is now number 3. No data for Turkey. Almost all countries in the red
Almost all countriesin the red. Industrial employment heavily under pressure. Germany only positive exception. Reduction in Spain close to 30%. Average drop in EU and EA higher than 10%. No data for Turkey, Switzerland, Norway and some others. All sectors are in the red but MET industries, energy supply and pharmaceuticals have done better than the rest. Increase in seven countries, but not very dramatic.
No data for Turkey, Switzerland, Norway and some others. In EU real labour productivity per hour in the industry has gone slightly up since the onset of the crisis. Increase in Romania: 67.3%. No data for Turkey, Switzerland, Norway and some others. Big variations with respect to wages per employed person (total gross wages divided by number of employees). No data for Turkey, Switzerland and some others. The lowest average gross wages in industry are just over 3 euros per hour.
No data for Norway, Turkey, Switzerland and some others. Wage increases highest in the East and South East since the crisis. Low inflation rates in most countries since the onset of the crisis.
Highest growth in Turkey and Iceland. EU average only 15.4% in eight years. Even lower in the euro zone. Exceptionally low inflation in 2014.
Only 0.4% in EA-19. Turkey (not in chart) had 8.9%. Growth in most countries, but in Cyprus, the UK and Luxembourg real wages per hour in industry have actually fallen since the crisis began. No data for Norway, Turkey, Switzerland and some others. Gross wages and salaries have increased faster than production in almost all European countries since 2007. The average increase in EU-28 was 18.9%. The picture is diverse. Germany, Italy, France and Spain are among the countries with increased RULC in the industry since 2007. Industrialcompanies have increased their producer prices in most countries since 2007 (by more than 20% in nine countries).