Economic data 2023: Europe, Middle East and Southeast Asia
— Press release —
Despite the difficult economic situation in Europe and worldwide, countries continue their develop. Saudi Arabia still records the highest economic growth, concluding the year 2023 with a GDP growth of 8.7%. India takes the second place with a growth of 7.6%, followed by Turkey with 5.9%. China and Indonesia share the fifth place with a GDP growth of 4.9%, just behind the Philippines with 5.9%. On the contrary, a negative trend is observed in Western Europe and Scandinavia. Austria is most affected with a growth decline of 1.8%, while Germany records stagnation with 0.4% in 2023.
In 2023, nearly all countries in Europe, the Middle East, and Southeast Asia continue to face rising prices. The most affected were Turkey with 64.8% and Pakistan with 29.7%. However, China and Thailand recorded the lowest inflation rates, where consumer prices decreased by 0.5% and 0.4% respectively. In Germany, the inflation rate rose to 2.3% compared to 2022.
Unemployment rates have also increased in most countries due to the economic situation. The highest job shortages are still found in Spain (12.0%) and Greece (9.6%). Thailand with 0.9% and Singapore with 2.0% have the lowest unemployment rates. (Source: The Economist)
| Country | GDP growth | Inflation rate | Unemployment rate |
| China | 4.9% | -0.5% | 5.0% |
| Britain | 0.3% | 3.9% | 4.3.% |
| Austria | -1.8% | 4.9% | 5.1% |
| Belgium | 1.4% | 0.5% | 5.6% |
| France | 0.6% | 3.9% | 7.3% |
| Germany | -0.4% | 2.3% | 3.1% |
| Greece | 1.8% | 2.9% | 9.6% |
| Italy | 0.1% | 0.6% | 7.8% |
| Netherlands | -0.8% | 1.4% | 3.5% |
| Spain | 1.8% | 3.3% | 12.0% |
| Czech Republic | -1.0% | 7.3% | 3.0% |
| Denmark | -0.5% | 0.6% | 2.8% |
| Norway | -1.9% | 4.8% | 3.6% |
| Poland | 5.0% | 6.6% | 5.0% |
| Sweden | -1.4% | 5.8% | 7.1% |
| Switzerland | 0.3% | 1.4% | 2.1% |
| Turkey | 5.9% | 64.8% | 8.2% |
| India | 7.6% | 5.6% | 8.1% |
| Indonesia | 4.9% | 2.6% | 5.3% |
| Malaysia | 3.3% | 1.5% | 3.4% |
| Philippines | 5.9% | 4.1% | 4.2% |
| Pakistan | nil | 29.7% | 6.3% |
| Singapore | 2.8% | 3.6% | 2.0% |
| Thailand | 1.5% | -0.4% | 0.9% |
| Saudi Arabia | 8.7% | 1.7% | 5.1% |