Source: Bank of Italy and Eurostat. 
Note: The €-coin series is based on the real time estimates of the indicator at a given date and hence the series is not revised. On the other hand, the GDP growth rates are calculated on the basis of Eurostat’s most recently published series and do reflect any changes in the historical data.
  • The €-coin indicator fell from 0.71 in October to 0.16 in November, close to the levels recorded in the final part of 2020, pointing to a significant slowdown in economic activity.
  • The indicator has been affected by the deterioration in consumer and business confidence, the acceleration in production prices, especially for energy production, and the worsening macroeconomic outlook, mainly associated with the renewed outbreak of the pandemic and reflected in the performance of the financial markets.
  • The €-coin indicator developed by the Bank of Italy provides a summary index of the current economic situation in the euro area. The indicator is an estimate of quarterly GDP growth shorn of the most erratic components (seasonal variations, measurement errors and short-run volatility). €-coin is published monthly by the Bank of Italy and CEPR.
  • 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
  • Next €-coin release dates: Friday 31 December 2021 and Friday 4 February 2022 (provisional).

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