European economy is recovering from double corona recession

European economy is recovering from double corona recession

The European economy is once again in the plus, after two short recessions due to the corona crisis. In the euro countries, growth was 2 percent in the past quarter, in the EU as a whole 1.9 percent.

After the first corona recession in the first half of 2020, the economy had grown rapidly. But the last quarter of last year and the first of this year saw a slight contraction due to new lockdowns.

How much specifically the Dutch economy grew last quarter will only be known later, on Tuesday 17 August.

Unemployment down

Unemployment has decreased as a result of the recovery. In the euro countries it was 7.7 percent in June, in the EU as a whole 7.1 percent. This means that unemployment is still slightly higher than before corona.

Inflation up

The European statistical office Eurostat also released a first estimate of inflation in July. It amounted to 2.2 percent in the euro countries. In June it was still 1.9 percent. Fuel, gas and electricity, in particular, rose sharply in price.

That rise in consumer prices is actually higher than what the European Central Bank is aiming for. Because they see 2 percent as ‘good’ inflation. Lower inflation indicates a slow economy. If it is above it, there may be overheating.

Nevertheless, the ECB wants to continue to stimulate the economy for the time being with low interest rates and support programs. Only if inflation remains above 2 percent for a long time will the ECB want to start phasing out support.

European economy is recovering from double corona recession
Source link European economy is recovering from double corona recession

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