News February 2018

€-coin remains at high levels in February


  • In February €-coin was practically unchanged (at 0.96 from 0.95 in January), remaining at historically high levels.   
  • The positive trend in area-wide industrial activity was offset by the slight fall in confidence on the part of firms and households.

€-coin and euro-area GDP – February 2018


The most recent real-time figures are:




February 2017


March 2017


April 2017


May 2017


June 2017


July 2017


August 2017


September 2017


October 2017


November 2017


December 2017


January 2018


February 2018




Click xls to download the excel file containing data.

For a more detailed analysis see the €-coin ANALYSIS section, for an overview of the recent behaviour of the series on which €-coin is based see the Euro area at a glance section. 

Click here to download the News Release

                                                                         €-coin in brief

€-coin is a real-time, monthly estimate of area-wide GDP growth, computed each month by the staff of the Banca d’Italia. It provides a single number summarizing the current economic picture for the euro area.

€-coin collates a large collection of statistical data (industrial production, business surveys, stock market and financial data, demand indicators, and more) and extracts the information that is relevant to forecast GDP. It tracks underlying GDP growth, preceding official GDP releases by several months. Essentially, the index:

(i) gives a monthly “smoothed” estimate of quarter-on-quarter GDP growth in the euro area;

(ii) highlights the underlying trend by adjusting the growth rate for short-term fluctuations and measurement errors; that is, the index figure is an indicator of the euro area’s actual growth momentum.

For further technical details on €-coin, see “New Eurocoin: Tracking economic growth in real time”, The Review of Economics and Statistics, No. 92, 1024-1034, available in the Bank of Italy working paper series (Temi di Discussione della Banca d’Italia) no. 631

or CEPR Discussion Paper, No. 5633