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Busy day for GDP and 6:30GMT French data

EUROZONE DATA
MNI (London)

It's a busy day for European data with Q4 GDP prints being released by:

  • France at 6:30GMT / 7:30CET
  • Sweden at 7:00GMT / 8:00CET
  • Spain at 8:00GMT / 9:00CET
  • Germany at 9:00GMT / 10:00CET
  • Belgium at 10:00GMT / 11:00CET
In terms of the 6:30GMT / 7:30CET data, we also have France consumer spending data.
  • France’s flash GDP reading for Q4 is expected to slow substantially from +3.0% in Q3 to just +0.5% in Q4 on the quarter. On the year, GDP is forecasted to be stronger at +4.9% y/y, up from +3.3% y/y in Q3.
  • French consumer spending is also due today and expected to point towards weakened household consumption. Key reasons were rising Covid cases and early Christmas shopping as consumers were wary of possible supply disruptions and delays. Spending is seen weakening to no growth at 0% m/m in December from +0.8% m/m in November. Compared to December 2020, consumer spending is likely to fall to -5.2% y/y, compared to November which saw a jump of +14.8% y/y pre-omicron with early shopping.
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