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2022/09/13 / Ceska Sporitelna Research

EU News Monthly September 2022

In the second quarter of 2022, seasonally adjusted GDP increased by 0.6% in the EU, compared with the previous quarter. In the first quarter of 2022, GDP had grown by 0.6% in the EU.

The eurozone's inflation rate broke another record in August. The annual growth rate of consumer prices accelerated to 9.1% from 8.9% in July. EU annual inflation was 9.8% in July 2022, up from 9.6% in June. A year earlier, the rate was 2.5%. High inflation is primarily due to the continued sharp rise in energy prices.

The world's largest manufacturer of batteries for electric vehicles, the Chinese company Contemporary Amperex Technology, will build a battery production plant in Hungary for 7.3 billion euros, which will be the largest in Europe. Construction of the 100 GWh plant in Debrecen is to start this year. Once completed, the factory will produce batteries for Mercedes-Benz, BMW, Stellantis and Volkswagen.

The companies Total and Eni have discovered a large natural gas deposit near Cyprus. This is already the third discovery of gas in the sea off Cyprus, none of which has yet been exploited. Preliminary estimates suggest that there are 2.5 trillion cubic feet (79 billion m3) of gas at the site with significant additional potential.

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General information

AuthorCeska Sporitelna Research
Date2022/09/13
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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