Developed economies in Europe are facing elevated price pressures and a tight credit environment amidst subdued global growth in 2023. Persistent inflation, climate change's adverse impact on the tourism industry, slowing export demand, and geopolitical chaos are key factors likely to weigh on near-term growth momentum. A significant cutback in oil production in 2023, coupled with regional tensions like the Israel-Gaza conflict, will affect the near-term performance of Saudi Arabia and the United Arab Emirates. Supernormal profits from last year’s high oil revenues will support the diversification efforts and foster employment generation. Regional medium-term growth will be determined by the oil price movements resulting from the new conflict and its spillover effects on neighboring countries and their local economies.

Country coverage includes developed European and key Middle Eastern economies.
Developed European economies:
• Austria
• Belgium
• France
• Germany
• Italy
• The Netherlands
• Poland
• Portugal
• Spain
• Switzerland
• The United Kingdom
• Denmark
• Sweden
• Norway
• Finland

Key Middle Eastern economies:
• The United Arab Emirates
• Saudi Arabia

Sector coverage includes key macroeconomic indicators; manufacturing; food and beverage; chemicals; pharmaceuticals; plastic; mining; electricity; construction; agriculture; and healthcare.

Indicator coverage includes real GDP growth; private consumption expenditure; household expenditure on food, clothing, and electricity; inflation; business confidence; consumer confidence; composite leading indicator; manufacturing purchasing manager’s index (PMI); composite PMI; construction PMI; service PMI; index of industrial production (IIP); value-add by industry; IIP by industry; healthcare spending; retail sales index; building permit index; and number of buildings/dwellings.

The study also includes the following:
• Yearly data: 2018–2023
• Quarterly data: Q1 2018–Q3 2023 (select indicators)
• Monthly data: January 2018–September 2023 (select indicators)