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…
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…
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…
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…
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…
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…
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…
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…
CdM: The eurozone’s private sector activity has deteriorated significantly during the month of August, when in addition to the fall in activity in the manufacturing sector there has also been a worsening in services, according to advance data from the Purchasing Managers’ Index (PMI) and reported by Europa Press, which suggest a contraction in the eurozone’s GDP of 0.2% in the third quarter of 2023. Specifically, the advance estimate of…