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Eurozone Publications

Below is a list of our Eurozone Publications for the last 6 months. If you are looking for reports older than 6 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.

August Balance of Payments

EZ Datanote: Trade Balance, Germany, May 2022

In one line: The (nominal) surplus is gone; the real surplus fell sharply in Q2.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, France, April 2022

In one line: A still-wide deficit in goods somewhat offset by a surplus in services.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Current account, EZ, March 2022

In one line: The first monthly deficit since 2012; no imminent rebound in sight. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, France, March 2022

In one line: The deficit in goods is widening, but the surplus in services is soaring.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, Germany, March 2022

In one line: Stung by a collapse in exports to Russia; imports are still rising sharply. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

21 Apr 2022 Outlook for Services Remains Bright unlike that for Industry

Industry provided a boost to GDP growth in Q1, despite the downward revision to January’s outturn.

The outlook for industry is bleak, but should be offset by relatively bright prospects for services.

The IMF’s downward revision to its EZ GDP growth estimate for 2022 brings it in line with us.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Industrial production & Trade, Eurozone, February

In one line: Industry supported growth in Q1; the trade deficit widened again. 

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, France, February 2022

In one line: The deficit in goods remains wide, but the surplus in services is robust. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

23 Mar 2022 EZ Construction Rebounds; is the Services Trade Revival Stalling?

  • Construction in the EZ started the year on a strong footing, finally rising back to pre-pandemic levels...
  • ...But supply constraints will hold back supply in the sector for the remainder of this year.
  • EZ portfolio outflows weakened at the start of the year, and will soften further in coming months.

Claus Vistesen and Melanie Debono (Eurozone Team)Eurozone

EZ Datanote: Current Account, EZ, January 2022

In one line: Stabilising; portfolio flows likely are slowing sharply in Q1. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

21 Mar 2022 Brace for the First Post-War Data in the Eurozone Economy

  • Investor sentiment points to a fall in this week's eco- nomic surveys; brace for downside surprises.
  • Near-real-time data signal little in the way of a direct hit to activity from the war in Ukraine, yet.
  • The Eurozone's trade deficit narrowed slightly in January; is the deficit with China now shrinking?

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade & Labour Costs, EZ

In one line: Is the EZ trade balance rebounding? Wage growth remained muted in 2021

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, France, January 2022

In one line: The deficit in goods narrowed on the eve of new sanctions against Russia. 

Melanie Debono (Senior Eurozone Economist)Eurozone

16 Feb 2022 Growth is Slowing, Temporarily, but Employment is Looking Strong

  • Slowdowns in Germany and Austria weighed on the Eurozone economy in the fourth quarter…
  • …But employment rose strongly, consistent with robust surveys and monthly claims data.
  • The Eurozone's trade deficit widened in December, thanks to soaring imports.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, France, December

In one line: The deficit in goods is blowing out, but net trade in services has improved.

Claus Vistesen (Chief Eurozone Economist)Eurozone

20 Jan 2022 Will the Real Trade Data in the Eurozone Please Stand Up?

  • The EZ's trade surplus in goods is a lot perkier if we choose to believe the ECB's current account data.
  • Net services exports likely jumped in Q4, but this means intellectual property investment plunged.
  • EZ portfolio outflows are now slowing, belatedly; inflows signal trouble for equities in 2022.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, EZ, October & Hourly Labour Costs, EZ, Q3

In one line: Trade is still on track to boost GDP growth this quarter; wage growth has further to rise. 

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, France, October

In one line: The deficit in goods is widening, but the services surplus is rising. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

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