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Eurozone Publications

Below is a list of our Eurozone Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep

Please use the filters on the right to search for a specific date or topic.

Claus Vistesen (Chief Eurozone Economist) Craig Botham Melanie Debono (Senior Eurozone Economist) ian shepherdson (Chief Economist, Chairman and Founder)

EZ Datanote: Final Inflation, Eurozone, June 2025

In one line: At target, and risks tilted to the downside over the summer. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

11 July 2025 Eurozone Monitor A 200% tariff on pharma would sting Swiss and EZ GDP

  • A third of Swiss pharma exports go to the US; a 200% tariff could pull GDP down 4% at the extreme. 
  • Offsetting factors remain and, in the near term, tariff front-running poses upside risks to our forecasts. 
  • The maximum direct hit to EZ GDP of a 200% US tariff on pharma is 1%.

Melanie Debono (Senior Eurozone Economist)Eurozone

10 July 2025 Eurozone Monitor EZ house price growth will pick up further as demand builds

  • Eurozone house prices rose at their fastest pace in four years in the first quarter…
  • ...Advance national data suggest a slowdown in price growth in Q2, but we doubt it… 
  • ...Our new housing model points to an acceleration in house price growth this year and next.

Melanie Debono (Senior Eurozone Economist)Eurozone

9 July 2025 Eurozone Monitor German GDP growth likely ground to a halt in Q2, stung by net trade

  • Net exports warn of a downside surprise in German Q2 GDP; we look for zero growth. 
  • Manufacturing and services are upside risks to Q2 growth in Germany; construction was a drag. 
  • The upturn in real M1 growth points to accelerating German GDP growth from early 2026 onwards.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Sentix, Eurozone, July 2025

In one line:  Another big increase, before the recent delay in tariff hikes.

Melanie Debono (Senior Eurozone Economist)Eurozone

8 July 2025 Eurozone Monitor No changes to our forecasts yet, despite delay to US tariff-rate hikes

  • The looming deadline for the increase in “reciprocal” tariffs has been delayed again, now to August 1.
  • The upside surprise in German industrial output in May points to a better EZ print than we expected. 
  • EZ services had a rough start to Q2, but surveys have improved and point to a better Q2 than Q1.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Industrial Production, Germany, May 2025

In one line: Still improving, and surveys point to a strong finish to Q2.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Industrial Production, France & Spain, May

In one line: Q2 was a quarter to forget in French manufacturing; Spain is looking better.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Factory Orders, Germany, May 2025

In one line: Poor, but falling turnover at odds with the surveys.

Claus Vistesen (Chief Eurozone Economist)Eurozone

7 July 2025 Eurozone Monitor EZ industrial output weakens in May; all eyes on tariffs this week

  • Tariffs will likely dominate this week; will Mr. Trump stick or twist in the negotiations with the EU?
  • The near-term outlook for German manufacturing is better than what is implied by factory orders in May.
  • EZ industrial production likely fell in May, reversing the jump in late Q1, ahead of US tariffs.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Inflation, Switzerland, June 2025

In one line: Back above zero, but unlikely to stay there for long.

Melanie Debono (Senior Eurozone Economist)Eurozone

4 July 2025 Eurozone Monitor Swiss inflation to fall to zero in July and hold there till autumn

  • Headline inflation in Switzerland rose above zero in June, by 0.2pp to 0.1%.
  • It will fall back again in July, to zero, where we expect it to hold steady until Q4. 
  • Our forecasts remain well below the SNB’s; another rate cut in September, to -0.25%, is still likely.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Unemployment, Eurozone, May 2025

In one line: Up a touch because of an increase in Italy’s unemployment rate. 

Melanie Debono (Senior Eurozone Economist)Eurozone

3 July 2025 Eurozone Monitor What are the chances of a "beautiful releveraging" in Europe?

  • A glass-half-full perspective indicates that the stars are aligned for a “beautiful releveraging” in the EZ. 
  • The EZ economy is completing a soft landing, an important prerequisite for a beautiful releveraging.  
  • Germany leading from the front is a key condition for a growth-supporting leverage cycle in the Eurozone.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Unemployment, Germany, June & ECB Inflation Expectations, EZ, May 2025

In one line: German unemployment rate won’t hold steady for much longer; inflation expectations likely to continue to fall.

Melanie Debono (Senior Eurozone Economist)Eurozone

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independent macro research, Eurozone Document Vault, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence,