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2022/12/09 / Ceska Sporitelna Research

EU News Monthly December 2022

The EU member states have agreed with the European Parliament on a €186.6 billion budget for the EU for 2023. This was announced by the Czech Presidency of the EU Council, which led the negotiations on behalf of the member states.

In the third quarter of 2022, seasonally adjusted GDP increased by 0.2% in the EU compared with the previous quarter. In the second quarter of 2022, the EU’s GDP grew by 0.7%. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 2.4% in the EU in the third quarter of 2022.

The microchip shortage has started to improve. There are no difficulties now with highly advanced chips produced by state-of-the-art processes, which are mainly used in computer processors and graphic cards. However, the opposite is true for less-sophisticated chips produced using older technologies, which are not receiving as much investment. That means the situation is still complicated for European industries, especially car makers.

The EU Commission has proposed an EU-wide price cap on natural gas. It would be €275 per megawatt hour and would only apply to futures contracts for the following month.

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General information

AuthorCeska Sporitelna Research
Date2022/12/09
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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