eurozone

In Europe 16th November 2023

Brussels revises GDP growth downwards, eurozone industrial production falters

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…

European economy, In Europe 15th November 2023

Eurozone GDP down 0.1%, employment up 0.3% in Q3

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…

European economy, In Europe 6th November 2023

Euro area aggregate GDP falls by one-tenth of a percentage point in 3Q23, highlighting credit tightening

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…

European economy, In Europe 24th October 2023

Eurozone public debt falls to 90.3% of GDP, deficit remains at 3.3%

CdM| In the second quarter, public debt in the euro area fell to 90.3% of GDP compared with the previous quarter, while the government deficit remained at 3.3% of GDP, according to data from Eurostat, the EU’s statistical office. In the EU, the government debt ratio also declined, from 83.4% to 83.1% of GDP. For both the euro area and the EU, the decline in the government debt-to-GDP ratio is…

In Europe 18th October 2023

Eurozone generates €6.7 billion trade surplus in August compared with €54.4 billion deficit in same month last year

Link Securities | According to Eurostat yesterday, the Eurozone generated a trade surplus of €6.7 billion in August compared to a deficit of €54.4 billion in the same month last year. In August, imports in the euro zone fell by 24.6% to €214.9 billion, while exports fell by 3.9% to €221.6 billion. Between January and August (8M2023) the Eurozone’s trade surplus was €8.1 billion, compared to a deficit of €242.9…

In Europe 19th September 2023

Eurozone records trade surplus of €6.5 billion in July compared to July 2022’s €36.3-billion deficit

Link Securities | Eurozone exports of goods to the rest of the world fell by 2.7% year-on-year-year in July to €227.8 billion, Eurostat reported on Friday. Imports from the rest of the world to the eurozone fell by 18.2% to €221.3 billion. As a result, the eurozone recorded a trade surplus in goods in July of €6.5 billion, compared with a deficit of €36.3 billion in July 2022. For its…

European economy, In Europe 12th September 2023

Despite EC downgrade of growth outlook, inflation outlook remains elevated: +5.6% in 2023 (previous +5.8%) and +2.9% in 2024

Renta 4: European stock markets open without major movements (Eurostoxx futures +0.2%, S&P -0.1%), in a session that is expected to be transitional as we await the week’s big releases: US CPI (Wednesday) and the ECB (Thursday). In the background, new negative news on the cycle, with the European Commission revising downwards its eurozone growth forecasts for 2023 to +0.8% versus +1.1% previously and 2024 to +1.3% versus +1.6%, while…

European economy 4th September 2023

With orders at record lows, Eurozone manufacturing rises 0.8 points to 43.5 in August

Singular Bank: In August, the final reading of the IHS Markit manufacturing PMI index for the Eurozone advanced 0.8 points from the previous month to 43.5 points (vs. 42.7 points in July), slightly below the preliminary estimate of 43.7 points, remaining in contractionary territory since August 2022 (below 50 points). A performance weighed down by the fall in new factory orders at their fastest pace since the beginning of the…

European economy, Relevant News Item 25th August 2023

Goodbye to the “soft landing”? Eurozone’s PMI slump foreshadows recession

Ana Racionero (Intermoney )| In Europe, the PMIs showed the bill that is being paid for the ECB’s rate hikes. The downturn was of great magnitude and, what is worse, anticipates recession in the eurozone, specifically, a contraction of around -0.2%/-0.3% in the third quarter, after having grown by 0.3% in the previous quarter. Although France’s manufacturing rose in August from 45.1 in July to 46.4, when a decline to…

European economy, Relevant News Item 24th August 2023

Eurozone current account surplus reaches €6.8bn in June, largest since June 2021, up from deficit of €4.4bn a year ago

Link Securities | According to data from the European Central Bank (ECB), the eurozone recorded a current account surplus of €36.8 billion in June, compared with a deficit of €4.4 billion in the same month a year earlier. June’s surplus is the largest current account surplus achieved by the region since September 2021. This surplus was driven by the goods account, which went on to generate a surplus of €42.7…

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