PwC comments on Q3 Eurozone GDP figures

Oct 31, 2019

Commenting on the latest Eurozone GDP figures, PwC senior economist Barret Kupelian said:

"Today’s flash estimate of Eurozone GDP for the third quarter of the year showed that the monetary union grew at a rate of 0.2% quarter-on-quarter, which was faster than the European Central Bank’s central projection.  

We do not yet have a full national breakdown, but we can see that the French economy grew at a rate of 0.3% quarter-on-quarter, partly buoyed by business investment. This signals a vote of confidence in the structural reforms the French authorities have been implementing.

Spain grew at a rate of 0.4% quarter-on-quarter. A closer look at the data shows that this marked the 22nd consecutive quarter where Spain grew at or faster than 0.4% quarter-on-quarter, which is impressive.

But all eyes are on Germany which has been disproportionately suffering from the downturn in global manufacturing precipitated by the global trade tensions and slowdown in China. This is not surprising as it is one of the economies most exposed to these factors out of the G7 and E7 (seven largest emerging economies).

If the downturn in German economic activity persists, the pressure will be on the local authorities and not the ECB, which has exhausted most of the tools at its disposal, to consider a sizeable fiscal stimulus package which could support both national and Eurozone growth."

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