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2023/06/06 / Ceska Sporitelna Research

EU News Monthly June 2023

The European economy continues to show resilience in a challenging global environment. Lower energy prices, abating supply constraints, and a strong labor market supported moderate growth in the first quarter of 2023, dispelling fears of a recession. EU GDP growth is revised up to 1.0% in 2023 (from 0.8%) and 1.7% in 2024 (from 1.6%).

Turkish President Recep Tayyip Erdoğan has won the second round of the presidential election, taking 52.1% of the vote to defeat opposition leader Kemal Kiliçdaroğlu.

Swedish company Northvolt will build a large battery plant in Germany. The facility is expected to be able to produce batteries for around one million electric vehicles per year.

Annual inflation in the EU was 8.1% in April 2023, down from 8.3% in March. A year earlier, the rate was 8.1%. The lowest annual rates were registered in Luxembourg (2.7%) and Belgium (3.3%). The highest annual rates were recorded in Hungary (24.5%), Latvia (15.0%) and Czechia (14.3%).

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General information

AuthorCeska Sporitelna Research
Product nameEU News Monthly
Topic in focusFX, Macro/ Fixed income
Economy in focusCzech Republic
Currency in focusCzech Koruna
Sector in focus-


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