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12 Nov 2014
EZ GDP to barely growing in Q3 - Westpac
FXStreet (Bali) - Eurozone GDP is expected to show very little growth in Q3, according to Westpac Economists, with the bank, with the bank calling for a 0.1% vs 0% last.
Key Quotes
"Euroland GDP stalled in Q2 with Spanish growth of 0.6% and GDP bounces in Holland and Portugal offset by 0.2% falls in Germany (weather-related) and Italy (ongoing recession as GDP has contracted every quarter for 3 years; Q1 was rounded up to 0.0%). France remained on the sidelines, stalled right through H1 2014 (also contracting in Q2 before rounding)."
"Spain has already reported 0.5% growth (and Belgium 0.2%)in Q3. Elsewhere, activity will have been tempered by falling business confidence and geopolitical tensions. Those factors have not by-passed Germany which “hardly expanded” in Q3 according to the Bundesbank (our forecast 0.1%); partial data suggest ongoing malaise in France and Italy (both forecast flat)."
"Our Q3 Eurozone growth forecast is 0.1%; *Special note: GDP history has been revised following adoption of new national accounting standards. These show Q2 revised up to 0.1%."
Key Quotes
"Euroland GDP stalled in Q2 with Spanish growth of 0.6% and GDP bounces in Holland and Portugal offset by 0.2% falls in Germany (weather-related) and Italy (ongoing recession as GDP has contracted every quarter for 3 years; Q1 was rounded up to 0.0%). France remained on the sidelines, stalled right through H1 2014 (also contracting in Q2 before rounding)."
"Spain has already reported 0.5% growth (and Belgium 0.2%)in Q3. Elsewhere, activity will have been tempered by falling business confidence and geopolitical tensions. Those factors have not by-passed Germany which “hardly expanded” in Q3 according to the Bundesbank (our forecast 0.1%); partial data suggest ongoing malaise in France and Italy (both forecast flat)."
"Our Q3 Eurozone growth forecast is 0.1%; *Special note: GDP history has been revised following adoption of new national accounting standards. These show Q2 revised up to 0.1%."