In the first three quarters of 2023, economic growth in the 27 EU countries remained subdued. Both month-on-month and year-on-year growth, the economic performance of EU countries is relatively unsatisfactory. Growth momentum in the EU's core member states, such as Germany, France and Italy, is also waning. At the same time, the growth of the euro exchange rate and the rising level of inflation within European countries have contributed to the growth of nominal GDP in all EU countries. Compared to the EU, China's economic growth rate is higher, but there are some problems with inflation and the RMB exchange rate.
In the first three quarters of 2023, the pace of economic growth in the EU-27 has been very slow. Regardless of whether the seasonally adjusted standard is used or the seasonally adjusted rule is not used, the data is lower than when the preliminary statistics are used. Germany as the European economy"Locomotive", which has fallen into recession this year, has become the biggest drag on Europe's economic recovery. Countries such as France and Italy are also underperforming, facing weaker industries and slowing economic activity. It can be seen that the pace of economic development in the EU countries is very slow, and further recession is possible at any time.
Excluding goods and services***, the EU-27 economy fell 0.0 percent year-on-year in the first three quarters of 20232%。While nominal GDP expanded in market** terms, it grew at a much slower rate than in other large economies. Compared to China, the economic growth rate of EU countries is much lower than that of China. This reflects the gradual weakening of the economic development momentum of EU countries.
Despite the slow pace of economic growth in the EU-27, the growth of EU GDP is driven by the euro exchange rate and the rising level of inflation within European countries. This means that economic growth is only numerical and does not actually lead to significant economic improvements. At the same time, economic growth in China and the United States, while relatively low, has relatively minor problems with inflation and exchange rates.
Compared to the EU, China's economic growth rate is higher, with economic growth reaching 49%。However, China faces problems with inflation and the exchange rate of the renminbi. Despite solid economic growth, China's nominal GDP is relatively low due to tightening prices and a falling renminbi. Compared to the United States and the European Union, China's economy lags behind.
Economic growth in the EU's 27 countries remains subdued and there is a risk of recession. However, the rise in the euro exchange rate and inflation have boosted GDP growth, making the economies of European countries look good. In contrast, China's economic growth is stable, but the problems of inflation and the renminbi exchange rate remain. This makes us think: what are the problems behind the economic growth figures?How to balance the relationship between economic growth and inflation?How can China improve its position in the global economy?Only by taking these issues into account can we better promote sustainable economic development.