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Euro area growth continued to fall in May

The latest value of the EuroCOIN™ indicator released by the Centre for Economic Policy Research (CEPR) shows:

  • The EuroCOIN reading for May 2003 confirms the negative signal given in April. In May, the rate of growth of the euro cycle fell from 0.388 to 0.286 (quarterly rates), indicating falling growth for the second consecutive month.

  • Industrial production data and surveys have given negative signals for May, while the labour market indicates a slight improvement from last month.

  • Since April 2002, euro area cyclical conditions have been slowly deteriorating. Signals remain uncertain and do not point to a dramatic decrease in growth. Instead, they point to a slowly declining rate of growth that, although still positive, is significantly below the average for the period 1988-2002 and indicates that the European economy is stagnating.

Contact Information:

For interview requests and further information about CEPR please contact CEPR Press Officer Robbie Lonie, Tel: +44 (0) 20 7878 2919, Mobile: +44 (0) 7740519225 or email rlonie@cepr.org.

The Centre for Economic Policy Research (CEPR): CEPR was founded in 1983, with the belief that policy decisions should be informed by sound economic analysis, based on fundamental theory. CEPR’s network of nearly 600 affiliated researchers, comprising the top economists in Europe and beyond, collaborate through the Centre to conduct research on issues affecting the European economy. CEPR secures and administers funding grants for researcher projects, and disseminates their results. The Centre’s wide-ranging research includes open economy macroeconomics, international trade, financial economics, labour economics, industrial organization, public policy, and economic institutions.

Who produces the Indicator? EuroCOIN is produced monthly by CEPR and constructed by a team of academic researchers associated with CEPR. The members of the EuroCOIN team are: Filippo Altissimo (Banca d'Italia and CEPR), Antonio Bassanetti (Banca d'Italia), Riccardo Christadoro (Banca d'Italia), Mario Forni (Universita di Modena and CEPR), Marc Hallin (ECARES, Universite Libre de Bruxelles), Marco Lippi (Universita di Roma), Lucrezia Reichlin (ECARES, Universite Libre de Bruxelles and CEPR), Giovanni Veronese (Banca d'Italia)

For more information: http://www.cepr.org/data/eurocoin

 
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