Bankinter | Growth lost momentum in Q4 2025, as expected, but the unemployment rate returned to historic lows in December. Preliminary GDP was up 1.3% year-on-year in Q4 2025, in line with expectations and compared to 1.4% previously. The unemployment rate was 6.2% in December, compared to the estimated and previous rate of 6.3%. Bankinter analysis team’s view: European growth continues to be led by the peripheral countries. Spain and…

Link Securities | A Financial Times survey of economists forecasts Eurozone GDP growth of 1.2% for 2026, compared to 1.4% for 2025 and forecasts of 1.4% for 2027. The region’s economic outlook depends heavily on Germany, Europe’s largest economy, which is expected to recover thanks to the strong fiscal expansion announced by the German government. However, there has been disappointment so far with the pace of reforms and doubts about…

Link Securities | The Sentix investor confidence index for December showed a stabilisation of sentiment in the Eurozone. In its overall reading, the index rose slightly to -6.2 points in December, in line with expectations, compared to -7.4 points, while the current situation sub-index reached -16.5 points, compared to -17.5 points in November, and the expectations sub-index stood at 4.8 points, up from 3.3 points the previous month. Sentix noted…

Singular Bank | According to the European Commission, in the final reading for November, the Eurozone Economic Sentiment Indicator (ESI) rose slightly by 0.2 points to 97.0 points. This development was driven by a notable increase in confidence in the services, construction and retail sectors. In contrast, there was a notable decline in economic sentiment in the industrial sector. Meanwhile, employment expectations in the European monetary bloc rebounded to 97.8…

Link Securities | According to the European Central Bank (ECB), the Eurozone generated a current account surplus of €38.1 billion in September, compared to €43.5 billion in the same month of 2024. This decline was the result of a sharp drop in the primary income surplus, which fell to €800 million from €12 billion in September of the previous year. At the same time, the secondary income deficit increased to…

Bankinter | Industrial production in Eurozone countries grew less than expected in September: 1.2% year-on-year versus 2.1% expected and 1.2% previously (revised from 1.1%). In month-on-month terms, 0.2% versus 0.7% versus a drop of 1.1% (revised from 1.2%). By country, Germany continues to slow down its growth (down 0.8%). Analysis team’s view: Industrial production, which is highly dependent on the foreign sector, continues to be affected by US tariffs and…