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GDP fell by 2.5% in the euro area (EA16) and by 2.4% in the EU27 during the first quarter of 2009, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities . In the fourth quarter of 2008, growth rates were -1.8% in the euro area and -1.7% in the EU27.

In April 2009 compared with March 2009, the industrial producer price index fell by 1.0% in the euro area (EA16) and by 1.1% in the EU27. In March, prices decreased by 0.7% and 0.5% respectively. In April 2009 compared with April 2008, industrial producer prices dropped by 4.6% in the euro area and by 3.9% in the EU27.

The VocaLink Take Home Pay Index has continued its rapid decline this year to reach a new all time low of 1.1% in May. This unprecedented fall in take home pay has been driven by the deterioration in the labour market, with unemployment at its highest since 1996, falling inflation and the slashing of discretionary bonus payments enabling firms to pass through weak wage settlements.

Reaching the 2020 renewable energy targets is expected to lead to around 2.8 million jobs in the renewable energy sector and generate a total value added of around 1.1% of GDP. This is the main conclusion of a European Commission's study on the impact of renewable energy policy on economic growth and employment in the European Union. Energy Commissioner Andris Piebalgs said: "This shows that benefits of renewables in terms of security of supply and fighting climate change can go hand in hand with economic benefits".

In the EU27, social protection expenditure accounted for 26.9% of GDP in 2006. This ratio was 27.1% in 2005 and 2004 and 27.2% in 2003.

The euro area (EA16) seasonally-adjusted unemployment rate was 9.2% in April 2009, compared with 8.9% in March. It was 7.3% in April 2008. The EU27 unemployment rate was 8.6% in April 2009, compared with 8.4% in March. It was 6.8% in April 2008. For the euro area this is the highest rate since September 1999, and for the EU27 since January 2006.

Whilst 75% of online retailers will invest to grow their businesses this year, over two thirds still feel threatened by payment fraud, a survey from Sage Pay has shown. This, together with an increasing trend in consumer fraud concerns, will have a defining impact on the future of online retail in the UK. The findings make grim reading for businesses that intend to cash in on the high street exodus as they express an increasing desire to invest and develop their online retail presence.

European Environment Commissioner Stavros Dimas welcomed the news that EU greenhouse gas emissions have fallen for the third consecutive year. The emissions inventory compiled by the European Environment Agency for 2007, the latest year for which complete data is available, shows that EU-15 emissions dropped by 1.6% from 2006 while the economy grew by 2.7 %. The reduction takes EU-15 emissions to 5.0% below their levels in the base year (1990 in most cases). This puts the EU-15 well on track to meet its Kyoto Protocol target of reducing emissions in the 2008-2012 period to an average of 8% below the base year level. EU-27 emissions fell 1.2% over the year to stand 12.5% lower than in the base year.

The annual rate of growth of M3 stood at 4.9% in April 2009, after 5.0% in March 2009. The three-month average of the annual growth rates of M3 over the period February 2009 - April 2009 decreased to 5.2%, from 5.6% in the period January 2009 - March 2009.

In May, the Economic Sentiment Indicator (ESI) for the EU and the euro area picked up for the second month in a row, albeit from a very low level and at a slower pace than in April, when a clear rebound was observed. The ESI increased by 2.8 points in the EU, and by 2.1 points in the euro area, to 66.7 and 69.3 respectively.