Eurozone Economic Outlook
September 1, 2020
A second estimate confirmed the economy contracted at a record-breaking pace in Q2 as lockdowns to corral the coronavirus’ spread pummeled activity. Looking ahead, available data spells caution for a robust recovery in Q3. Although economic sentiment continued to climb in July and August, consumer confidence sagged, likely weighed on by rising new Covid-19 infections and the tightening of restrictions in several countries. Moreover, after jumping to an over-two-year high in July, the composite PMI eased markedly in August as services activity virtually stalled. Concerningly, manufacturing and services jobs were cut for the sixth month running amid still-subdued demand. Meanwhile, on 25 August, the European Commission presented proposals to the Council to provide EUR 87.3 billion in financing to 16 EU member states under the “SURE” instrument to help preserve jobs going forward.Eurozone Economic Growth
The Covid-19 fallout is set to plunge the Eurozone economy into its worst contraction on record this year. Rising unemployment and income losses will hit consumer spending, investment will suffer amid elevated uncertainty, and collapsed foreign demand will hammer exports. A second wave of infections, strained public finances and trade tensions with the U.S. cloud the outlook. The economy is seen contracting 8.2% in 2020, which is unchanged from last month’s forecast. In 2021, GDP is seen increasing 5.6%.Eurozone Economy Data
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Eurozone Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Eurozone Economic News
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Eurozone: Coronavirus crisis strikes unprecedented blow to Eurozone economy in Q1
April 30, 2020
The Eurozone economy contracted sharply in the first quarter of this year, after marginally expanding in Q4 2019.
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Eurozone: ECB cuts rates on long-term liquidity operations and introduces new anti-pandemic auctions
April 30, 2020
On 30 April, the European Central Bank (ECB) decided to step up its efforts to combat the economic and financial shockwaves currently shaking the Euro area.
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Eurozone: Unemployment rate ticks up in March as coronavirus blow starts to bite
April 30, 2020
Labor market conditions in the common currency bloc deteriorated in March, the first month when COVID-19 containment measures began to be extensively introduced, according to data released by Eurostat.
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Eurozone: Inflation slumps to over three-year low in April on plunging energy prices
April 30, 2020
Harmonized inflation fell to 0.4% in April from March’s 0.7%, marking the lowest reading since September 2016, according to a flash estimate released by Eurostat on 30 April.
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Eurozone: Economic sentiment collapses at sharpest pace on record in April
April 29, 2020
Sentiment in the Eurozone tumbled at the sharpest pace in the survey’s history in April due to measures adopted to contain the spread of coronavirus, plunging to 67.0 points from March’s 94.2 points.
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