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GDP Second Flash Unchanged, Likely Boosted by Irish Data

EUROZONE DATA
MNI (London)

Eurozone Q4 2022 second flash estimates confirmed a +0.1% q/q GDP expansion, having initially outpaced forecasts of a -0.1% q/q contraction in the first flash estimates. The annualised Q4 GDP estimate remained at +1.9% y/y.

  • This data is likely skewed upwards marginally by the Irish print, which recorded a +3.5% q/q 'boom' in Q4. The boost from strong Irish manufacturing sector data was likely subject to multinational reporting distortions.
  • The strongest euro area q/q contractions were recorded in Lithuania (-1.7%) and Austria (-0.7%).
  • Today's second estimate has provided updated national GDP numbers, but for further detail on the GDP components we will have to wait for the final March 8 release.
  • Q4 employment data also released today showed a +0.4% q/q expansion for the bloc, following +0.3% q/q growth in Q3.

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