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Euro-coin Nowcast Little Changed In June

EUROZONE DATA
DataHomepagemarkets-real-timeData BulletBullet

The Bank of Italy’s Euro-coin indicator, which provides a nowcast for Q/Q Eurozone trend growth (i.e. excluding seasonal variations, measurement errors and short-run volatility), fell slightly to 0.16 in June, from 0.18 last month.

  • The indicator has nonetheless printed in positive territory for the last 4 months, signalling an ongoing (albeit gradual) recovery in the region’s economic activity.
  • However, yesterday’s June final manufacturing PMIs confirm that activity in the industrial sector remains soft.
  • The decline comes after Bloomberg’s GDP Nowcast (which aims to estimate actual Q/Q growth) rose to 0.29% Q/Q in June (from 0.25% prior).
  • Current Bloomberg consensus sees Q2 Eurozone GDP growth at 0.25% Q/Q.
  • The first estimate of this figure will be released at the end of this month.

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The Bank of Italy’s Euro-coin indicator, which provides a nowcast for Q/Q Eurozone trend growth (i.e. excluding seasonal variations, measurement errors and short-run volatility), fell slightly to 0.16 in June, from 0.18 last month.

  • The indicator has nonetheless printed in positive territory for the last 4 months, signalling an ongoing (albeit gradual) recovery in the region’s economic activity.
  • However, yesterday’s June final manufacturing PMIs confirm that activity in the industrial sector remains soft.
  • The decline comes after Bloomberg’s GDP Nowcast (which aims to estimate actual Q/Q growth) rose to 0.29% Q/Q in June (from 0.25% prior).
  • Current Bloomberg consensus sees Q2 Eurozone GDP growth at 0.25% Q/Q.
  • The first estimate of this figure will be released at the end of this month.