CdM| Industrial production rose by 0.8% in the eurozone in February and by 0.7% in the European Union (EU) as a whole compared with the previous month, according to initial estimates from Eurostat, the EU’s statistical office. Compared with the same month last year, the indicator fell by 6.4% in the euro area and by 5.4% in the EU. In detail, and on a month-on-month basis, industrial production in the…
CdM: According to a preliminary estimate by Eurostat, the statistical office of the European Union, annual inflation in the euro area is expected to be 2.4% in March, down from 2.6% in February. Regarding the main components of eurozone inflation, services are expected to register the highest annual rate in March (4%, stable compared to February), followed by food, alcohol and tobacco (2.7%, compared to 3.9% in February), non-energy industrial…
BancaMarch : In January, M3 grew by +0.1% year-on-year, a tenth of a percentage point less than in the previous month but already far from the -1.3% fall recorded in August last year. More relevant is the evolution of loans, which if we look at those to households continued to decelerate by one-tenth of a point to +0.3% year-on-year, while loans to non-financial companies slowed to +0.2% from +0.5% (a…
Bankinter : New car sales rose strongly in January and were up 11.5% year-on-year to 1,015k units in January against a 3.3% drop previously. Assessment: Good news for stock markets, as they show an improvement in demand and should support industrial activity. Brands such as Tesla, up 86.3%, Nissan, 38%, and BMW, 29.7%, stand out positively, while sales of Mercedes-Benz, down 10.6%, Ford, 6.1%, and Renault, 2.1%, all fall.
CdM| Eurozone government debt has fallen to 89.9% of GDP in the third quarter of 2023. According to data from Eurostat, the EU’s statistical office, this figure reflects a fall of four tenths of a percentage point from the figure for the second quarter of last year (90.3%), while the public deficit fell to 2.8% from 3% in the previous quarter. In the European Union, government debt also declined from…
Bankinter: Ecofin reaches a political agreement on the reform of fiscal rules. Once revised, it will have to go through Parliament and the Council; it is expected to come into force in 2024. Each country will present its own fiscal plan with a fiscal adjustment period of four years, extendable to seven years, to allow for strategic investments and reforms. The single indicator for the whole adjustment period will be…
CdM| Eurozone inflation continues to moderate and stood at 2.4% in November, down from 2.9% in October, its lowest level since July 2021, according to final data released by Eurostat, the European Union (EU) statistics office. In this way, the evolution of prices in the euro area is gradually approaching the 2% target set by the European Central Bank (ECB), although the president of the body, Christine Lagarde, has warned…
Bankinter: The European Commission has revised its growth forecasts for 2023 and 2024. downwards GDP: +0.6% and +1.2% in 2023 and 2024 vs. +0.8% and +1.3% previously. CPI: +5.6% and +3.2% vs. 5.6% and +2.9% previously. (ii) Industrial Production showed weakness again in September: -6.9% vs. -6.3% expected and -5.1% previously. Assessment: The downward revision by the European Commission shows the slowdown of the economy registered by some macroeconomic indicators…
CdM| In the third quarter of 2023, seasonally adjusted GDP declined by 0.1% in the euro area and remained stable in the EU, compared with the previous quarter, according to a flash estimate released by Eurostat, the statistical office of the European Union. In the second quarter of 2023, GDP had grown by 0.2 per cent in the euro area and remained stable in the EU. Compared with the same…
Intermoney| Euro area aggregate GDP fell by one-tenth of a percentage point in 3Q23, highlighting the transmission of tighter credit conditions. But we should not magnify the stumble of the aggregate if we take into account that Germany, which accounts for 30% of GDP, fell by -0.3% q/qtr. However, we see a series of favourable factors for the EMU countries’ economies to hold up at moderate rates over the coming…