News May 2022

€-coin rose in May     

  • In May, €-coin increased to 0.95 (from 0.61 in April).
  • The indicator is buoyed by the resilience at historically high levels of business confidence and it reflects the recent data on economic growth in the first quarter that give slightly better signals than those of the flash estimate released at the end of April.
  • As of January 2021, a new version of the indicator has been released, which incorporates some revisions to the database and to the sample on which our estimates are based. More information has been included regarding services – a sector whose importance has increased in terms of value added in the euro area

€-coin and euro-area GDP – May 2022

 

The most recent real-time figures are:

 

Month

€-COIN

May 2021

1.01

June 2021

0.96

July 2021

0.88

August 2021

0.98

September 2021

0.75

October 2021

0.71

November 2021

0.16

December 2021

0.21

January 2022

0.01

February 2022

0.59

March 2022

0.77

April 2022

0.61

May 2022

0.95 

 

 

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