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Euro area: where each economy stands
France, Germany, Spain and Belgium read on a single grid: growth, inflation, employment, debt, business sentiment. Seven harmonised indicators (same definitions across all four countries) to place each economy at a glance. Sources: Eurostat and ECB.
Key takeaways
The four economies, indicator by indicator
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Strengths and watch points, by country
Visualising the gaps
Official projections 2026 and 2027
Institutional projections (European Commission), distinct from Nexelys models.
Glossary
GDP Gross domestic product; growth is the change in volume over one year.
HICP Harmonised Index of Consumer Prices: the inflation measure comparable across European countries (Eurostat).
Unemployment Share of the labour force without a job, ILO definition (harmonised).
Public debt General government gross debt, shown as a share of GDP and in euros.
ESI Economic Sentiment Indicator from the European Commission. 100 = long-term average (above = optimism, below = caution).
10Y yield 10-year government bond yield (Maastricht criterion); reflects the state's borrowing cost.
Spread vs Bund 10-year rate gap versus Germany (the Bund); a gauge of the risk premium perceived by markets.
Industrial production Index of manufacturing output volume (2021 = 100).
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