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Good news and bad news on eurozone GDP data

Nov 04
 
Tags: PwC
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Good news and bad news on eurozone GDP data

The good news to come out of the third quarter GDP data for the eurozone is that activity was up by 12.7 per cent when you look at it in terms of a quarter-on-quarter basis.

This was significantly higher than what had been expected and the biggest increase to be seen since records on the subject began.

As Barret Kupelian, senior economist at PwC, has pointed out, the rebound was quicker than that of the US.

Its figures for Q3 showed 7.4 per cent quarter-on-quarter growth. It’s important to take into consideration, however, that the eurozone’s slump of the quarter before had been much worse than that which the US experienced.

Mr Kupelian added: "Based on these numbers, the eurozone economy is now operating around four per cent below its output in the last quarter of 2019 with its large economies broadly following the same pattern.

“By comparison, in China, economic output is about three per cent higher compared to the fourth quarter of last year.”

The bad news is that with the current surge in infections, which is sweeping across Europe, the economy is likely to be impacted negatively once again.

Governments have responded in various ways, all of which are designed to limit contact, and this will undoubtedly be reflected in the Q4 figures when they’re released.

Mr Kupelian predicts a double dip in economic activity in light of the uncertainty surrounding the epidemiological picture as we head into winter.

The UK government’s own efforts to protect the economy from the repercussions of the virus have once again been stifled as England prepares to head into a second lockdown on Thursday (November 5th).

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