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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE DATA
MNI (London)
EUROZONE Q1 FINAL GDP -0.1% Q/Q (FCST 0.0% / FLASH +0.1%); Q4 -0.1% Q/Q
EUROZONE Q1 FINAL GDP +1.0% Y/Y (FCST +1.2% / FLASH +1.3%); Q4 +1.8% Y/Y
- Eurozone Q1 GDP was revised downwards to -0.1% q/q from +0.1% q/q initially in today's final release. This is now lower than the +0.1% q/q initially forecasted by the March ECB macroeconomic projections.
- The Bloomberg consensus was looking for a flat reading, however -0.1% was on the table. Q1 GDP was 0.3pp below flash estimates, at +1.0% y/y.
- The negative Q/Q euro-area reading will have largely been downgraded due to the surprise downward revision of German final Q1 GDP to -0.3% q/q, from 0.0% estimated in the flash. Ireland also saw a marked downgrade, to -4.6% q/q from -2.7% q/q.
- Negative Q/Q growth was recorded across seven euro countries: Germany (-0.3%), the Netherlands (-0.7%), Ireland (-4.6%), Greece (-0.1%), Lithuania (-2.1%), Estonia (-0.6%) and Malta (-0.5%).
- For the bloc, final household consumption expenditure contracted by -0.3% q/q (vs -1.0% in Q4) , whilst government spending fell -1.6% q/q (vs +0.8% in Q4). Exports were down -0.1% q/q and imports fell -1.3% q/q. This implied a -0.1pp contribution from household expenditure, -0.3pp from government spending and -0.4pp from inventories, partially offset by +0.1pp from gross fixed capital formation and +0.7pp from net exports in Q1.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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