The €-coin indicatorincreased moderately to -0.56 in July, from -0.66 in June, confirming the phase of underlying weakness in euro-area activity under way since autumn 2022.
The upward trend mainly reflected the positive contribution of net foreign demand. The indicator continues to be dampened by negative developments in domestic demand and in the industrial cycle.
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.
The next publication dates for €-coin are Friday 1 September and Friday 29 September (to be confirmed).