Accessible Version

An investigation into the economic slowdown in the euro area, Accessible Data

Figure 1. Economic performance

Left Chart: Real GDP
2015:Q1 = 100

Period United States Germany France Spain Italy
2/14/2015 100 100 100 100 100
5/16/2015 100.6192879 100.6125428 100.0492625 101.1197518 100.3939233
8/16/2015 101.0221465 101.0797328 100.3164997 102.0472123 100.4325938
11/16/2015 101.2085757 101.5469227 100.5419389 102.958737 100.9653016
2/15/2016 101.795185 102.5306365 100.9455191 103.6737209 101.1436475
5/16/2016 102.1219719 102.8628508 100.6968494 104.0168706 101.4209196
8/16/2016 102.8462602 103.1743228 100.8193907 104.8391552 102.1410184
11/16/2016 103.4167979 103.5895788 101.3422498 105.434798 102.5275182
2/14/2017 103.9198354 104.8302181 102.0379547 106.1812992 102.986334
5/16/2017 104.5016232 105.7438677 102.9529324 107.2918437 103.3859904
8/16/2017 105.3260905 106.481021 103.7148616 107.96929 103.5622577
11/16/2017 106.5132375 107.4984786 104.3577682 108.6269052 104.1801412
2/14/2018 107.3794906 106.9767422 104.2762903 109.0911666 103.9960165
5/16/2018 107.9494927 107.7554042 104.4903875 109.8026092 104.2109086
8/16/2018 108.6228879 106.9767422 105.0064311 110.4156043 104.2067515
11/16/2018 108.7766385 107.6515842 105.839931 111.0618874 104.5167782
2/14/2019 109.4553909 108.2537378 106.7292868 111.742875 104.7420403
5/16/2019 110.3698585 108.3264142 107.3604243 112.0651312 105.0312813
8/16/2019 111.6609345 108.6171078 107.3923664 112.2797326 104.6425888
11/16/2019 112.4221872 108.575587 106.8393588 112.9203496 104.2534165
2/15/2020 110.8568245 106.1850546 101.3949286 107.0740552 98.18431205
5/16/2020 102.0892932 96.73760351 88.90660791 88.0251714 86.07981709
8/16/2020 110.0832503 105.1572438 102.8036759 102.0231316 98.49529809
11/16/2020 111.2773617 106.3511497 102.6928182 102.7636127 98.43083958
2/14/2021 112.81326 105.1677173 103.0830921 103.998456 100.0238236
5/16/2021 114.5843378 107.8462347 104.4031703 105.4241742 102.4158008
8/16/2021 115.5614841 107.8877555 107.3576571 107.5021956 105.6382009
11/16/2021 117.6454202 108.5521962 107.9807494 109.6861012 106.6339273
2/14/2022 117.3427405 108.7494831 107.8410754 111.1592725 107.1417151
5/16/2022 117.4247051 108.7287167 108.3179858 113.0765199 108.8324147
8/16/2022 118.2154222 109.372391 108.837736 114.0425803 109.4639117
11/16/2022 119.1941757 108.8117703 108.906625 114.6938212 109.2161964
2/14/2023 120.0186429 108.9700885 108.9699454 115.4647572 109.5605081
5/16/2023 120.747217 108.8039814 109.7130681 115.7487676 109.3749443
8/16/2023 122.0409716 109.0116334 109.7920862 116.5112046 109.6072873
11/16/2023 123.0036536 108.6067306 110.2881789 117.3674854 109.5642998
2/15/2024 123.5013339 108.8558914 110.5631197 118.4564281 109.8615353
5/16/2024 124.4141943 108.5444314 110.782683 119.4295711 110.0295568
8/16/2024 125.2863403 108.6586406 111.1840426 120.4190039 110.0013476

Note: The data extend through 2024:Q3.

Source: Statistical Office of the European Communities; Bureau of Economic Analysis; FRB staff calculations.

Center Chart: Final Consumption
2015:Q1 = 100

Period United States Germany France Italy Spain
2/14/2015 100 100 100 100 100
5/16/2015 100.6548566 100.4936961 100.1486722 100.6539419 100.6553379
8/16/2015 101.3284384 101.1869732 100.563639 100.6088444 101.6719109
11/16/2015 101.7823281 102.3424407 100.6501022 100.8266426 102.0020916
2/15/2016 102.506811 103.0645536 101.4904367 101.1274075 102.4153883
5/16/2016 102.9514699 103.1485746 101.6308931 101.1890061 103.1766764
8/16/2016 103.6435133 103.5792424 101.8588615 101.4377621 103.7009467
11/16/2016 104.0813151 104.5350955 102.5371511 101.863596 103.9968763
2/14/2017 104.6544135 104.5587081 102.8624426 102.1912869 104.9116093
5/16/2017 105.0895779 105.2835077 103.3521606 102.3495312 105.6021117
8/16/2017 105.6803467 105.3045004 103.9761731 102.3840598 106.3976508
11/16/2017 106.7207853 106.5019867 104.0813187 102.6661925 106.9438419
2/14/2018 107.3933122 106.2761397 104.3359232 102.7731765 107.3626188
5/16/2018 107.9548062 106.6332496 104.4556869 102.8454016 107.8635984
8/16/2018 108.5163002 106.5177229 104.600426 102.7842349 108.0403341
11/16/2018 108.878146 107.7571613 104.9318138 102.8462943 108.3125163
2/14/2019 109.1988491 108.2456008 105.7247978 102.8377989 108.3933489
5/16/2019 110.2962547 108.4872007 106.3481984 102.9900532 107.8138201
8/16/2019 111.5305393 109.3695458 106.3460134 102.680361 110.7594156
11/16/2019 112.3183188 109.7792043 106.1785714 102.2693003 110.626978
2/15/2020 110.8772652 106.7277503 101.2697227 96.83114086 105.9706536
5/16/2020 103.3887443 98.58741341 90.82174172 88.47282058 89.32141699
8/16/2020 110.4980127 107.7676076 105.8494124 97.83707898 102.5555896
11/16/2020 111.6273304 106.6227199 101.7211583 94.81079805 103.6561919
2/14/2021 114.1541854 103.5267273 101.9255717 94.08886444 103.8735723
5/16/2021 117.1082927 106.4678277 103.9348971 98.88699143 106.1770737
8/16/2021 117.8140503 109.9971415 108.1467957 102.1395372 107.4909463
11/16/2021 118.8834999 110.6904019 108.4171108 101.3401949 108.5897219
2/14/2022 118.9249064 111.9613794 107.8274694 101.0015032 109.5464696
5/16/2022 119.4755873 111.9718758 108.6921675 103.1648562 110.4931703
8/16/2022 119.9656088 112.3605248 109.2165844 104.6021575 111.1845861
11/16/2022 120.4638062 111.2681189 109.3258598 103.0012844 110.6036872
2/14/2023 121.9293873 111.0475285 109.3016055 103.469912 111.8718917
5/16/2023 122.2187057 111.6042528 109.3834583 104.3457414 113.0446497
8/16/2023 123.0924632 111.9613794 109.9037236 105.1587914 114.1753931
11/16/2023 124.0340008 112.1714568 110.3308612 103.8471064 114.5096839
2/15/2024 124.6279344 112.1504474 110.633275 103.766674 115.2942627
5/16/2024 125.461604 112.2765039 110.7957787 104.2663457 116.3592439
8/16/2024 126.6054272 112.6546399 111.3627171   117.966306

Note: The data extend through 2024:Q2 for Italy and 2024:Q3 for all other economies.

Source: Statistical Office of the European Communities; Bureau of Economic Analysis; FRB staff calculations.

Right Chart: Labor productivity per hour worked
2015:Q1 = 100

Period United States Germany France Italy Spain
2/14/2015 100 100 100 100 100
5/16/2015 101.5030732 98.7801593 99.90119019 98.98415356 102.8554498
8/16/2015 102.5938704 98.6858643 99.71314755 99.21951671 105.8736103
11/16/2015 103.4262454 98.76190721 100.8836653 100.9084764 108.5741208
2/15/2016 103.5751445 99.81006463 101.4800013 101.9381859 109.9608037
5/16/2016 103.38374 100.8945618 101.5501795 103.7010589 110.2055982
8/16/2016 103.2071993 101.9427192 101.7759539 105.443961 109.8957195
11/16/2016 103.8137483 103.1137083 101.3066619 107.0143984 109.6990097
2/14/2017 104.3720549 103.9020911 101.6014025 107.828201 110.1638277
5/16/2017 105.4670244 105.8774727 103.002642 109.3055088 111.1658337
8/16/2017 106.8749169 107.8697013 104.382383 110.1073014 113.2257015
11/16/2017 108.1954517 109.8536783 105.9728375 111.8429631 115.6177903
2/14/2018 109.916267 110.8633733 106.824255 113.1703852 117.7976269
5/16/2018 111.3079918 111.9513086 108.0850388 114.2403799 120.8910713
8/16/2018 113.047061 113.4722416 108.5486482 114.704861 123.4138144
11/16/2018 114.206962 114.5071546 109.0609372 115.1908229 125.2609441
2/14/2019 115.34209 115.4122103 110.2457012 115.5731208 127.2610704
5/16/2019 116.6211625 115.8144439 111.3425438 115.2160784 127.9031702
8/16/2019 117.420159 115.0686344 112.7887475 115.2832319 128.3777023
11/16/2019 117.9432619 114.6105084 113.3138919 113.7639917 128.4554149
2/15/2020 117.6303389 115.1242577 111.9760154 111.6673072 126.7879954
5/16/2020 113.8351053 113.9567367 107.4328901 105.246481 119.0118852
8/16/2020 113.5579077 111.8648466 104.9784011 101.8946064 115.7625299
11/16/2020 114.3975842 111.3033668 104.8602387 102.4594231 113.1300179
2/14/2021 115.4711707 111.6366282 106.5201362 108.3004372 113.0319059
5/16/2021 119.3175151 114.0003115 111.1006555 116.9025331 119.1566248
8/16/2021 120.2721908 115.3834494 112.1469109 123.6124932 121.1557796
11/16/2021 122.0329038 115.8367022 112.1643362 130.5575763 125.0098355
2/14/2022 124.5206412 114.3124208 111.9494502 135.3366252 127.5374356
5/16/2022 126.875647 113.0115295 111.9650079 140.745208 130.108749
8/16/2022 127.9265466 114.4729974 114.0622476 145.2811387 131.7441121
11/16/2022 127.875175 115.3981737 115.1388036 146.2790043 130.9742723
2/14/2023 126.803414 116.849058 115.6257991 146.5695109 130.3588862
5/16/2023 127.0086393 117.266569 116.0238598 146.9329014 129.3908795
8/16/2023 128.4001033 116.7735981 115.4304446 144.9607099 128.792493
11/16/2023 129.5021135 114.7138473 114.2151614 142.9122372 128.9076047
2/15/2024 131.4156373 112.9683583 113.0720632 139.6140648 128.890605
5/16/2024 133.3255103 111.3904268 111.65922 137.4375648 129.283539
8/16/2024 134.6241404 111.1698022 110.235707   129.5463045

Note: Labor productivity is defined as output per hour worked. The data extend through 2024:Q2 for Italy and 2024:Q3 for all other economies.

Source: Statistical Office of the European Communities; Bureau of Labor Statistics; FRB staff calculations.

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Figure 2. GDP Performance and Manufacturing Share in the Euro area

Left Chart: Euro area: 2015-2019

Country Manufacturing share of value-added in 2015 (percent) GDP growth (percent) GDP Share
Austria 11.30577764 9.014797058 0.032558961
Belgium 14.01794503 7.169551452 0.039742436
Croatia 17.19623386 13.44669976 0.004269939
Cyprus 16.03175014 26.81195592 0.001594057
Estonia 15.7605322 16.64458423 0.002144842
Finland 20.90464936 8.672302961 0.019505937
France 11.58901883 6.83791681 0.205226372
Germany 22.59448527 7.572093345 0.29288732
Greece 9.396914084 3.968518878 0.015298675
Italy 15.41270981 4.200560462 0.153811187
Latvia 4.864173491 11.22346474 0.002376278
Lithuania 12.40002889 17.95138538 0.003723536
Luxembourg 19.24060594 10.86297788 0.005133558
Netherlands 8.03204038 10.11521308 0.067431191
Portugal 19.41288602 11.46904914 0.017179151
Slovakia 23.26935584 11.62296048 0.007584728
Slovenia 14.08117724 17.57939865 0.003628436
Spain 12.11940854 10.55889518 0.10027915

Note: GDP growth is cumulative growth from 2015 to 2019 for each country in the euro area excluding Ireland and Malta. Manufacturing share measures manufacturing total value-added in millions of euros as a share of total value-added. Dots are sized based on GDP. Inflation rates are the PCE for the U.S. and CPI for foreign economies.

Source: Eurostat; FRB staff calculations.

Right Chart: Euro area: 2022-present

Country Manufacturing share of value-added in 2022 (percent) GDP growth (percent) GDP Share
Austria 18.8339581 0.491940559 0.033167515
Belgium 15.17454775 3.578050242 0.04221542
Croatia 15.74701145 7.675722578 0.004992444
Cyprus 6.093300907 6.859915063 0.002222423
Estonia 16.77553571 -5.721167134 0.002724474
Finland 19.50325988 -1.655897919 0.02032429
France 11.23938383 2.72772458 0.203143934
Germany 22.0199891 -0.188554197 0.301570824
Greece 11.48936187 5.278532928 0.015585181
Italy 17.86885621 2.695347685 0.151227493
Latvia 18.06858195 0.063339088 0.002804673
Lithuania 22.54490091 1.466175767 0.005010613
Luxembourg 4.635225989 -0.97410688 0.00598334
Netherlands 12.54120062 2.760917766 0.074601793
Portugal 15.42070952 4.932077706 0.018320675
Slovakia 22.34791543 3.010790392 0.008297576
Slovenia 24.92400931 3.740349357 0.004209461
Spain 12.89792947 7.440043836 0.103597871

Note: GDP growth is cumulative growth from 2022:Q1 until latest available data for each country in the euro area excluding Ireland and Malta. Manufacturing share measures manufacturing total value-added in millions of euros as a share of total value-added. Dots are sized based on GDP. Inflation rates are the PCE for the U.S. and CPI for foreign economies.

Source: Eurostat; FRB staff calculations.

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Figure 3. Energy Prices

Left Chart: Natural Gas Prices
Index; Dec. 2019 = 100

Period U.S. 12-month futures Euro area 12-month futures Euro area spot price U.S. spot price
Jan-15 126.7095588 121.2726283 165.2348353 142.2727273
Feb-15 121.6408669 134.5295239 183.9087387 136.2377235
Mar-15 117.5200535 129.6019603 178.7671336 134.014789
Apr-15 108.8007703 121.749378 177.7204816 123.4905445
May-15 113.6507353 120.3864001 169.5253506 135.8373206
Jun-15 113.2235963 118.9231627 168.3428761 132.5141366
Jul-15 114.0441176 115.448973 172.2222222 135.4284472
Aug-15 110.0070028 109.633473 161.3349613 132.2169059
Sep-15 106.1151961 107.5242242 158.216864 126.5436318
Oct-15 101.4354947 106.052881 151.8636703 110.7655502
Nov-15 99.32856037 103.5846519 144.9515 99.37043566
Dec-15 98.7727591 99.17615992 132.8500697 90.95465938
Jan-16 105.0715944 87.78100728 114.8229673 108.8642659
Feb-16 98.72794118 81.72805912 101.3405527 93.51674641
Mar-16 100.4294786 78.67990167 99.6416744 81.40495868
Apr-16 100.5304622 77.42923705 99.16900791 91.06858054
May-16 103.6712185 83.30796342 108.0507051 91.93438141
Jun-16 109.2245989 91.27468544 119.8734922 122.7490213
Jul-16 113.1617647 91.36657883 119.5456809 133.3971292
Aug-16 111.2292199 84.85508907 102.2444466 133.555232
Sep-16 111.8960084 83.30468989 107.5832474 142.0824789
Oct-16 118.1460084 95.00649251 137.0058205 141.0571884
Nov-16 114.4908088 99.37041705 149.3000581 119.5933014
Dec-16 131.7226891 102.4379665 145.5524339 171.383003
Jan-17 132.7757353 109.9384166 164.4000498 156.0047847
Feb-17 126.5924923 108.5101187 161.3895331 135.0037774
Mar-17 121.8670077 98.05274379 132.4948678 137.5494071
Apr-17 107.9760062 95.68117131 132.4349584 147.4187862
May-17 105.9074198 90.53438255 129.688219 148.4341018
Jun-17 105.3125 86.75865553 123.2455247 140.6046107
Jul-17 105.371517 86.20260263 122.9485214 141.7275246
Aug-17 106.644821 88.31173036 131.335664 137.5286041
Sep-17 108.2371324 93.74140697 141.8537881 141.8181818
Oct-17 109.8796791 97.79966253 148.7160628 137.0813397
Nov-17 112.1599265 106.0827223 160.8596797 143.1100478
Dec-17 109.1011029 109.3973419 170.7526346 134.0191388
Jan-18 114.4957983 111.9044891 154.5277807 182.2055138
Feb-18 110.8900929 104.5123981 153.6640331 126.6431629
Mar-18 107.8728992 104.4443717 153.7457868 127.6144908
Apr-18 97.09908964 101.964122 159.7587238 131.7840055
May-18 94.45688503 110.1525394 179.1488447 132.9273597
Jun-18 97.55952381 106.9944568 180.5765971 140.2597403
Jul-18 97.57528011 110.5020514 184.1744017 133.6978811
Aug-18 99.24872123 117.624188 198.2646217 140.5034325
Sep-18 96.84791022 137.4879396 231.9440623 141.9541677
Oct-18 100.9734655 139.7434045 216.687051 156.7089661
Nov-18 103.4338235 133.7680454 206.0111194 195.7416268
Dec-18 112.5326797 134.3883669 199.0609355 193.3811802
Jan-19 115.5602241 131.8703352 180.0087722 148.7354751
Feb-19 111.2886997 125.7733731 150.0722805 128.8340468
Mar-19 108.5364146 113.4108616 129.6786277 141.0799727
Apr-19 95.40266106 112.5166405 123.9786463 126.657553
May-19 93.70153743 103.1747354 110.2956375 126.2722923
Jun-19 91.33823529 96.91481439 89.97054186 114.7607656
Jul-19 90.36764706 97.91284754 91.46682156 113.2148553
Aug-19 86.44217914 95.13582201 93.56522657 106.2635929
Sep-19 88.35110294 100.546517 108.6602772 122.4401914
Oct-19 87.39450128 99.62016299 129.5468895 111.5456626
Nov-19 92.65625 104.6219065 132.0164302 126.937799
Dec-19 94.9877451 102.9167212 117.7353391 106.4251538
Jan-20 97.40896359 94.89137314 92.87946861 96.582365
Feb-20 92.42647059 84.50902118 75.37832632 91.53865525
Mar-20 90.72359626 74.2448546 69.57853366 85.58068726
Apr-20 92.15336134 70.17344289 55.24180961 83.20802005
May-20 92.48161765 65.62700504 40.96796946 83.66028708
Jun-20 92.03375668 64.41260103 44.07631204 78.07742497
Jul-20 93.89872995 65.69426506 44.24566803 84.14528056
Aug-20 101.2745098 69.56702021 68.50567627 110.1617681
Sep-20 104.6288515 74.813954 94.9638639 91.97994987
Oct-20 108.7299465 79.20355595 117.628488 114.3105698
Nov-20 109.5665635 85.44400357 115.4549306 125.0566608
Dec-20 107.8191845 94.02992459 136.2825416 123.2492388
Jan-21 113.871904 105.6701963 169.6212151 129.7909846
Feb-21 116.4686533 106.1393458 144.5055881 256.1571393
Mar-21 103.1170077 109.410493 145.750488 125.2756397
Apr-21 92.96918768 102.9284514 169.2240517 127.4094327
May-21 94.50551471 109.3019592 207.6006141 139.354067
Jun-21 102.8843583 110.8285247 242.0429085 155.8938669
Jul-21 113.0234594 125.5008511 298.8924057 183.7548416
Aug-21 122.6654412 153.1216149 371.0363531 194.9325794
Sep-21 137.3336835 189.1032146 554.6348653 246.9583049
Oct-21 148.3193277 244.1199097 757.8884977 263.8186375
Nov-21 152.7665441 237.7053735 678.5486682 241.6507177
Dec-21 148.5360963 440.4656383 954.2173037 179.7955633
Jan-22 161.5808824 436.6641842 710.2613891 209.7129187
Feb-22 171.7318111 460.8377756 683.7860147 224.4774616
Mar-22 170.1838235 527.1945861 1089.318945 234.3665488
Apr-22 164.6617647 440.2153987 842.4168119 315.5980861
May-22 174.4170168 421.4392104 783.147022 389.7015265
Jun-22 192.2969188 461.9293134 893.7057189 368.5805423
Jul-22 175.0183824 715.0191911 1430.713634 348.5406699
Aug-22 196.3475064 1144.665594 1957.972818 421.3230705
Sep-22 196.6911765 1041.195005 1671.876272 377.0562771
Oct-22 184.1231618 854.9352658 1116.483279 270.8373206
Nov-22 198.0969888 731.8569683 990.2600456 260.8111187
Dec-22 201.7489496 692.6558203 963.9757222 264.5705172
Jan-23 170.3125 427.9906622 528.4594639 156.6028708
Feb-23 146.5615325 362.590453 438.0811376 113.9007807
Mar-23 131.6336317 302.3141414 365.323823 110.3182858
Apr-23 115.1664087 313.6906628 349.1022802 103.5003777
May-23 114.2429813 285.4017374 265.9628397 102.7185733
Jun-23 118.0619748 270.6824778 269.4702277 104.1695147
Jul-23 122.7573529 285.7851169 241.9114596 122.0574163
Aug-23 124.4421355 295.1923843 290.4359371 123.590597
Sep-23 121.0533088 285.410747 307.3877686 126.1483254
Oct-23 128.837535 295.9705491 391.8054617 142.6520848
Nov-23 137.429972 283.2152132 379.1837073 129.5511506
Dec-23 131.8713235 240.1214482 298.4872625 120.7177033
Jan-24 144.0756303 208.1328292 248.1785744 151.9708362
Feb-24 128.7022059 181.7449588 214.6398639 82.36842105
Mar-24 117.7941176 180.6149748 222.8267364 71.4354067
Apr-24 111.6360294 188.180412 239.7153009 76.51152675
May-24 113.1951872 202.7922152 263.9811106 101.4571553
Jun-24 122.8657121 204.5178253 285.625565 121.3296399
Jul-24 120.9926471 207.0585264 269.8783956 99.30404524
Aug-24 119.1878342 227.6409258 318.2063352 95.23705959
Sep-24 117.6948529 210.4505614 299.4158161 108.8995215
Oct-24 122.0036765 223.2035351 335.3852189 105.2196607
Nov-24 131.7408088 232.3390238 370.3725832 101.291866
Dec-24 150.2352941 242.2536664 393.8079827 138.9473684

Note: The data are presented as monthly averages of daily data and extend through December, which represents the daily average through December 6th.

Source: Bloomberg, Intercontinential Exchange and Commodity Research Bureau via Haver Analytics.

Right Chart: Producer Prices: Energy
Index; Dec. 2019 = 100

Period United States Germany Euro area ex. Germany
12/15/2018 96.74115456 103.0788177 88.12866354
1/15/2019 92.36499069 103.4482759 88.42856204
2/15/2019 94.87895717 103.0788177 88.66932945
3/15/2019 98.13780261 101.9704433 88.44682032
4/15/2019 101.8621974 103.0788177 86.91519641
5/15/2019 100.6517691 102.5862069 86.51526893
6/15/2019 97.48603352 100.3694581 84.04312605
7/15/2019 98.23091248 101.2315271 84.87742252
8/15/2019 97.48603352 99.50738916 83.07457812
9/15/2019 96.55493482 100 83.60882371
10/15/2019 98.04469274 99.87684729 84.04651637
11/15/2019 97.48603352 100.3694581 84.98496988
12/15/2019 100 100 84.68503703
1/15/2020 98.97579143 101.4778325 84.27193272
2/15/2020 95.06517691 98.89162562 81.63609311
3/15/2020 85.38175047 94.82758621 75.40417033
4/15/2020 71.04283054 92.1182266 67.68806431
5/15/2020 73.83612663 91.00985222 67.17944911
6/15/2020 80.81936685 91.99507389 70.46409121
7/15/2020 84.17132216 93.22660099 73.17732379
8/15/2020 85.38175047 93.71921182 73.44508285
9/15/2020 85.5679702 95.07389163 73.8847887
10/15/2020 85.75418994 95.56650246 74.81270568
11/15/2020 86.77839851 96.18226601 75.97398422
12/15/2020 93.29608939 98.6453202 77.97380069
1/15/2021 96.55493482 106.4039409 82.15989096
2/15/2021 100.6517691 108.2512315 82.60753367
3/15/2021 105.1210428 109.8522167 84.69571376
4/15/2021 104.6554935 110.591133 85.69063302
5/15/2021 106.424581 112.8078818 87.35837136
6/15/2021 109.310987 115.1477833 90.71053409
7/15/2021 111.9590317 119.2118227 96.93335628
8/15/2021 113.4106145 121.9211823 98.20080917
9/15/2021 117.1620112 129.0640394 105.4671962
10/15/2021 122.4487896 141.3793103 123.6832683
11/15/2021 124.5977654 144.3349754 128.9412184
12/15/2021 124.6731844 158.8669951 133.8221887
1/15/2022 127.8054004 168.4729064 154.1274852
2/15/2022 134.0502793 171.5517241 156.0739429
3/15/2022 143.7318436 192.1182266 174.6661369
4/15/2022 145.538175 194.7044335 170.3482753
5/15/2022 153.6759777 199.3842365 168.7354544
6/15/2022 166.5409683 205.4187192 175.5224753
7/15/2022 152.0046555 224.7536946 187.8527218
8/15/2022 143.7728119 257.2660099 201.2026754
9/15/2022 145.4273743 264.0394089 205.9094062
10/15/2022 148.0959032 245.9359606 195.1795794
11/15/2022 144.8175047 227.4630542 194.3618397
12/15/2022 135.8947858 224.5073892 199.6997532
1/15/2023 142.2951583 214.2857143 179.4880241
2/15/2023 139.9040968 208.1280788 176.6424061
3/15/2023 133.4003724 200.9852217 170.1698952
4/15/2023 133.2877095 203.2019704 149.3272061
5/15/2023 126.0763501 197.7832512 140.7890281
6/15/2023 126.613594 196.9211823 140.6066951
7/15/2023 127.5791434 194.2118227 140.8685193
8/15/2023 138.8780261 197.4137931 145.8037082
9/15/2023 143.3361266 199.0147783 150.3672079
10/15/2023 134.1256983 197.5369458 151.3980098
11/15/2023 131.4823091 194.4581281 149.4248403
12/15/2023 130.405959 188.9162562 145.9791371
1/15/2024 128.9404097 189.7783251 139.8709016
2/15/2024 133.9636872 187.4384236 134.213071
3/15/2024 132.3435754 187.4384236 130.3509426
4/15/2024 134.6815642 187.3152709 124.6384357
5/15/2024 128.4590317 186.3300493 122.7020232
6/15/2024 125.905959 186.5763547 125.4382903
7/15/2024 128.0391061 187.0689655 129.4109036
8/15/2024 126.66946 188.546798 131.6334577
9/15/2024 123.1759777 185.4679803 128.7554967
10/15/2024 122.7467412 186.8226601  

Note: The data extend through October for the U.S. and Germany and September for the euro area excluding Germany.

Source: Statistical Office of the European Communities via Haver Analytics; FRB staff calculations.

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Figure 4. Natural Gas Intensity and Export Performance

Left Chart: Export Growth versus Natural Gas Intensity per Euro Value Added (2017-19)
This is a scatterplot titled "Export Growth versus Natural Gas Intensity per Euro Value Added." The x-axis ranges from 0 to 15 and shows Natural Gas Intensity per Euro Value Added. The y-axis ranges from -30 to 30 and shows export growth between 2017 and 2019. Shapes are clustered around a horizontal black line with a y-intercept of about 5.

Right Chart: Export Growth versus Natural Gas Intensity per Euro Value Added (2021-23)
This is a scatterplot titled "Export Growth versus Natural Gas Intensity per Euro Value Added." The x-axis ranges from 0 to 15 and shows Natural Gas Intensity per Euro Value Added. The y-axis ranges from -20 to 30 and shows export growth between 2021 and 2023. Shapes are clustered around a black line with a y-intercept of about 10 and a slope of about negative 1.5.

Note: Each shape represents an industry in a particular country. The following countries are included Germany (black circles), Italy (light blue squares), France (red triangles), and Austria (navy blue diamonds). The size of each shape represents the size of the industry.

Source: UN Comtrade, Statistical Office of the European Communities via Haver Analytics; FRB staff calculations.

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Figure 5: Trade linkages with China

Top Left: Euro Area Imports from China

Date Percent of Euro Area GDP
2013 2.5
2023 3.3

Note: Data are annual.

Source: UNComtrade.

Top Right: Chinese Imports from the Euro Area

Date Percent of Chinese GDP
2013 0.6
2023 0.4

Note: Data are annual.

Source: UNComtrade.

Bottom Left: German Imports from China

Date Percent of German GDP
2013 2.7
2023 3.9

Note: Data are annual.

Source: UNComtrade.

Bottom Right: Chinese Imports from Germany

Date Percent of Chinese GDP
2013 1
2023 0.6

Note: Data are annual.

Source: UNComtrade.

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Figure 6. GDP Performance and Exports to China in the Euro area

Left Chart: Euro area: 2014-2016

Country Share of exports to China in 2014-2016 (percent) GDP growth (percent) GDP Share
Austria 6.958999008 3.44833209 0.033562023
Belgium 5.335441337 2.685261259 0.040854431
Croatia 1.557999444 5.8645255 0.004351918
Cyprus 2.542250502 10.21715206 0.001607897
Estonia 4.335059049 4.988106723 0.002193385
Finland 10.32557981 3.050412213 0.020253129
France 7.816890727 1.935960246 0.211692187
Germany 12.91928277 3.985355006 0.300801151
Greece 2.099051969 -0.260023443 0.015929031
Italy 5.190546519 2.13283753 0.159070622
Latvia 2.886877582 6.431368956 0.002389435
Lithuania 1.047941268 5.580449835 0.00377795
Luxembourg 7.106326063 7.361119812 0.005241642
Netherlands 5.552654177 4.596309414 0.068882788
Portugal 4.713626542 3.625770062 0.017639733
Slovakia 8.658207759 7.225542513 0.007522472
Slovenia 4.254973798 5.500504317 0.003707663
Spain 4.14950436 7.09440331 0.100522543

Note: GDP growth is cumulative percent growth from 2014:Q1 until 2016:Q4. Exports are 2014-2016 euro area goods exports to China as a percent of total exports. Dots are sized based on population.

Source: Eurostat.

Center Chart: Euro area: 2017-19

Country Share of exports to China in 2017-2019 (percent) GDP growth (percent) GDP Share
Austria 8.683541601 4.282789954 0.033495493
Belgium 5.32494534 4.366735224 0.040156969
Croatia 2.374769331 6.095150831 0.004488579
Cyprus 2.355969462 12.51593938 0.001767857
Estonia 4.331504001 7.56453137 0.002294654
Finland 12.32437101 2.558831766 0.02033823
France 8.548544097 3.706725106 0.207799814
Germany 14.78698896 2.115365998 0.303072651
Greece 4.704030348 4.388856797 0.0152078
Italy 5.801226577 1.259356904 0.155711886
Latvia 3.071558886 5.014030962 0.002480495
Lithuania 1.687629053 9.825784734 0.00393622
Luxembourg 7.657690911 4.170719378 0.00537841
Netherlands 6.23322021 4.610792235 0.069855251
Portugal 3.968747595 5.772855899 0.017814715
Slovakia 9.326842766 6.430525678 0.007827517
Slovenia 5.265108813 8.037885859 0.0038808
Spain 5.390009968 4.403568044 0.104492659

Note: GDP growth is cumulative percent growth from 2017:Q1 until 2019:Q4. Exports are 2017-2019 euro area goods exports to China as a percent of total exports. Dots are sized based on population.

Source: Eurostat.

Right Chart: Euro area: 2022-present

Country Share of exports to China in 2022-present (percent) GDP growth (percent) GDP Share
Austria 8 0.491940559 0.034149878
Belgium 4.8 3.578050242 0.041782081
Croatia 1 7.675722578 0.004990982
Cyprus 0.8 6.707685795 0.002177722
Estonia 5.3 -5.697818249 0.002431117
Finland 10.8 -1.800383129 0.020051941
France 9.3 2.72772458 0.20685134
Germany 13.6 0.031029027 0.29505023
Greece 1.8 5.278532928 0.015666881
Italy 6.3 2.6638145 0.154961086
Latvia 2.5 0.063339088 0.002589881
Lithuania 0.9 1.541888578 0.004462396
Luxembourg 7 -0.97410688 0.005705663
Netherlands 8.5 2.68253765 0.074157933
Portugal 3.3 4.932077706 0.018477813
Slovakia 11.7 3.283045633 0.008152748
Slovenia 1.4 3.787187302 0.004234426
Spain 5.3 7.366452583 0.104105883

Note: GDP growth is cumulative percent growth from 2022:Q1 until latest available data. Exports are 2023 euro area goods exports to China as a percent of total exports. Dots are sized based on population.

Source: Eurostat.

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Last Update: December 20, 2024