European Economic Data: ECB, Eurostat & Country-Level Sources

Understanding European Data Landscape

European economic data comes from multiple layers:

• Supranational: ECB, Eurostat, EU Commission
• National: Bundesbank, INSEE, ONS, etc.
• Private: Surveys, PMIs

Eurostat: The EU's Statistical Office

What Eurostat Covers

IQ Score: 94

Harmonized statistics for all EU countries plus partners.

Key domains:

• National accounts (GDP)
• Prices (HICP inflation)
• Labor market
• External trade
• Government finance

Key Eurostat Series

Eurostat Database Access

• Free online database
• Bulk download available
• API access (JSON/SDMX)

ECB: European Central Bank Data

Statistical Data Warehouse (SDW)

IQ Score: 96

The ECB's comprehensive data portal.

Coverage:

• Monetary aggregates (M1, M2, M3)
• Interest rates (policy and market)
• Bank lending
• Balance of payments
• Exchange rates

Key ECB Series

Monetary Policy:

• Main refinancing rate
• Deposit facility rate
• Marginal lending rate

Money & Credit:

• M3 growth
• Loans to households
• Loans to non-financial corporations

Balance Sheet:

• ECB asset purchases (APP, PEPP)
• TLTRO operations
• Excess liquidity

ECB Economic Bulletin

Quarterly publication with analysis and projections.

Contains staff macroeconomic forecasts.

Country-Level Sources

Germany (Bundesbank & Destatis)

Bundesbank:

• Financial statistics
• Banking data
• Excellent time series database
• IQ Score: 96

Destatis (Federal Statistical Office):

• Real economy data
• Prices, production, trade
• IQ Score: 95

Key German indicators:

• Ifo Business Climate (critical for sentiment)
• ZEW Expectations
• Industrial production
• Factory orders

France (INSEE & Banque de France)

INSEE:

• National accounts
• Consumer/business surveys
• Comprehensive data
• IQ Score: 94

Banque de France:

• Financial conditions
• Business surveys
• Monetary data

Key French indicators:

• INSEE Business Confidence
• Consumer confidence
• Industrial production

United Kingdom (ONS & BoE)

Office for National Statistics (ONS):

• National accounts
• Labor market
• Prices
• IQ Score: 95

Bank of England:

• Monetary statistics
• Financial stability
• Regional agents' survey

Key UK indicators:

• GDP (monthly available)
• CPI/RPI inflation
• Employment data
• PMI surveys

Italy (ISTAT & Banca d'Italia)

ISTAT:

• National statistics
• Regional data
• IQ Score: 93

Key Italian indicators:

• Industrial production
• Business confidence
• Retail sales

Spain (INE & Banco de España)

INE:

• National statistics
• Labor force survey
• IQ Score: 93

European PMI Data

IHS Markit/S&P Global PMIs

IQ Score: 95

Critical for European analysis.

Coverage:

• Eurozone composite, manufacturing, services
• Country-level: Germany, France, Italy, Spain, UK
• Flash (preliminary) and final releases

Release schedule:

• Flash: ~3rd week of month
• Final: 1st business day of next month

Key PMI Thresholds

• > 50: Expansion
• < 50: Contraction
• Germany manufacturing: Most watched

European Inflation Data

HICP (Harmonized Index)

ECB's preferred inflation measure.

Differences from national CPI:

• Standardized methodology
• Comparable across countries
• Excludes owner-occupied housing

FRED Series: CPHPTT01EZM659N (Euro Area HICP)

Core HICP

Excludes energy, food, alcohol, tobacco.

ECB focuses on this for policy.

Flash Estimate

Released end of month for current month.

Critical for ECB expectations.

Government Finance Data

Maastricht Criteria

EU fiscal rules tracked by Eurostat:

• Deficit < 3% of GDP
• Debt < 60% of GDP

Key series:

• Government deficit (EDP definition)
• Government debt (gross)
• Primary balance

Country Debt Dynamics

Track for:

• Spread analysis
• Sovereign risk
• Fiscal sustainability

European Financial Data

Euro Area Yields

ECB provides government bond yields:

• 10-year benchmark yields
• Yield spreads vs Germany (critical for risk)

Bank Lending Survey

ECB quarterly survey:

• Credit standards
• Loan demand
• Key for credit cycle

TARGET Balances

Intra-Eurosystem claims/liabilities.

Stress indicator for Euro area (high in crises).

Building a Europe Dashboard

Weekly Tracking

• PMI data (flash and final)

• ECB communications

• German Ifo/ZEW

• Spread movements (BTP-Bund)

Monthly Analysis

• HICP inflation (flash and final)
• Industrial production
• Unemployment
• Money and credit

Quarterly Review

• GDP releases
• ECB projections
• Fiscal data
• Bank Lending Survey

Data Access Tips

Eurostat

• Use data browser for exploration
• Bulk download for analysis
• SDMX API for automation

ECB SDW

• Powerful but complex interface
• CSV export available
• API for developers

National Sources

• Usually have English sections
• Quality varies
• Direct access often better than aggregators

Pro Tips

• Germany leads: Watch German data for Euro area direction

• Flash matters: HICP and PMI flash releases move markets

• Spreads signal risk: BTP-Bund spread for Italy risk

• ECB is different: Slower than Fed, more consensus-driven

• UK is separate: Post-Brexit, different dynamics

• Surveys reliable: Business surveys often better than hard data

Explore European economic data →