France’s economy hasn’t picked up much steam since it stagnated in Q1. Although the outlook for the second half of the year is a little brighter, the recovery will remain pretty weak. The resulting divergence with the German economy will complicate euro-zone-level policy-making.
Meanwhile euro-zone construction output rose at its fastest pace in nearly four years in Q1. But this was largely due to weather effects and we expect output in the sector to weaken in Q2 and beyond.
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