Europe Data Response Euro-zone Final PMIs (May) The PMIs are consistent with the euro-zone’s economic recovery gathering pace in May. Price pressures in the manufacturing sector are intensifying, but we still think that higher inflation will be... 3rd June 2021 · 2 mins read
Europe Data Response Euro-zone Flash HICP (May) & Unemployment (Apr.) The jump in euro-zone inflation to 2.0% in May will not be the end of the upward trend, but we expect inflation to drop back sharply next year as temporary factors are reversed. 1st June 2021 · 2 mins read
Nordic & Swiss Data Response Switzerland GDP (Q1 2021) & PMIs (May) Data released this morning confirmed that the Swiss economy started 2021 on the back foot following a tightening in virus-related restrictions. However, activity will have gathered pace in Q2. 1st June 2021 · 2 mins read
Europe Data Response EC Survey (May) As Covid restrictions continue to be lifted, it is no surprise that economic sentiment in the euro-zone improved in May. The EC survey also showed that input shortages are causing price pressures to... 28th May 2021 · 2 mins read
Europe Data Response German Ifo Survey (May) The Ifo Business Climate Index for May suggests that an economic recovery is now underway in Germany, as the lifting of restrictions outweighs any adverse effects from supply bottlenecks in the... 25th May 2021 · 2 mins read
Europe Data Response Euro-zone Flash PMIs (May) May’s rise in the euro-zone Composite PMI reflects the further lifting of restrictions in many parts of the region and suggests the economic recovery is now fully underway. Supply chain difficulties... 21st May 2021 · 3 mins read
Europe Data Response Euro-zone GDP & Employment (Q1) The euro-zone economy contracted again in Q1 but continued progress on reducing Covid infections and administering vaccines suggests that the region’s economic recovery is underway. 18th May 2021 · 2 mins read
Europe Data Response Euro-zone Industrial Production (Mar.) The small rise in euro-zone industrial production in March suggests that the region’s manufacturing sector is still far from back to normal, as persistent supply shortages outweigh strengthening... 12th May 2021 · 2 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Apr.) The energy-driven increase in Swedish inflation in April is likely to be temporary and will not trouble the Riksbank (even as bicycle prices keep on climbing). That said, house price inflation is... 12th May 2021 · 2 mins read
Nordic & Swiss Data Response Norway GDP (Q1 2021) The weaker-than-expected 1.0% q/q decrease in Norwegian mainland GDP in Q1 confirmed that the economy slipped behind its Swedish counterpart at the start of the year, and suggests that it is now... 12th May 2021 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Apr.) Exchange rate effects pulled Norway’s core inflation rate back down to target in April, and will continue to exert downward pressure over the coming months. However, pockets of home-grown price... 10th May 2021 · 2 mins read
Europe Data Response German Industrial Production (Mar.) The small increase in German industrial production in March shows that factories are still not back to normal, despite the strength of demand. This seems to be primarily due to supply problems... 7th May 2021 · 2 mins read
Europe Data Response Euro-zone Retail Sales (Mar.) Euro-zone retail sales rose again in March to back above their pre-pandemic levels. The planned lifting of restrictions should allow sales to improve further in the coming months, so household... 6th May 2021 · 2 mins read
Nordic & Swiss Data Response Switzerland CPI (Apr.) & Sweden Activity Data (Mar.) April marked the end of the recent bout of deflation in Switzerland, and the headline rate is likely to climb higher over the coming months. Meanwhile, further confirmation that the Swedish economy is... 5th May 2021 · 2 mins read
Europe Data Response Euro-zone Final PMIs (Apr.) The PMIs may be a less reliable guide to activity growth than normal, but recent progress on vaccinations suggests that the euro-zone economy will start to recover in Q2. And price pressures are... 5th May 2021 · 2 mins read
Europe Data Response Euro-zone GDP (Q1, first estimate) Confirmation that the euro-zone economy contracted again in Q1 means that the region suffered a second technical recession in just over a year. But the good news is that things should get better... 30th April 2021 · 3 mins read
