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2022/04/12 / Ceska Sporitelna Research

EU News Monthly April 2022

In the fourth quarter of 2021, seasonally adjusted GDP increased by 0.4% in the EU compared with the previous quarter. Slovenia (+5.4%) recorded the highest increase of GDP compared to the previous quarter, followed by Malta (+2.3%). Decreases were observed in Ireland (-5.4%), Austria (-1.5%), Germany (-0.3%), Croatia, Latvia and Romania (all -0.1%).

European Commission: The EU is able to reduce dependence on gas supplies from Russia by two-thirds this year. According to the European Commission's REPowerEU proposal, gas and liquefied natural gas (LNG) from countries such as the US and Qatar should replace more than a third of the supplies this year, i.e. 60 billion m3 of the 155 billion m3 that the EU buys annually from Russia.

In 2021, average hourly labour costs in the whole economy were estimated to be €29.1 in the EU, up compared with €28.6, in 2020. The average hourly labour costs mask significant gaps between EU Member States, with the lowest hourly labour costs recorded in Bulgaria (€7.0) and Romania (€8.5), and the highest in Denmark (€46.9) and Luxembourg (€43.0).

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General information

AuthorCeska Sporitelna Research
Date2022/04/12
Languageen
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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