Pantheon Macroeconomics

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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, or contact your account rep

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


6 Aug 2021 Industry in the Core is Not Going Anywhere

German factory orders surged in June, more than reversing May's plunge ...
... But turnover data point to a weak end to Q2 for industry; we look for a 0.5% monthly fall in June.
French industry continued to tread water; even though car output rose for the first time this year.

Claus Vistesen (Chief Eurozone Economist)Eurozone

5 Aug 2021 We Remain Optimistic about the Reopening Upturn in Ser vices

The PMIs confirm that the Q2 upturn in services continued at the start of the third quarter.
Data in France and Spain suggest that hospitality came roaring back in Q2; more to come in Q3.
EZ retail sales jumped by 3.4% in Q2; growth will slow in Q3, but should remain robust.

Claus Vistesen (Chief Eurozone Economist)Eurozone

2 June 2021 The Rise in EZ Headline Inflation is Over, for a Brief Moment

Inflation in the euro area increased further midway through the second quarter. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

27 May 2021 The Recovery in France has Begun, but Q2 will be Pedestrian

Yesterday's INSEE surveys in France complemented the upbeat IFO in Germany earlier in the week.

Claus Vistesen (Chief Eurozone Economist)Eurozone

20 May 2021 We're Lifting our Forecasts for Spanish GDP Growth in 2021

After outpacing the Eurozone average for five years running, Spain's economy fared much worse than its peers in 2020, contracting by a whopping 10.8%, compared to a 6.8% decline in aggregate Eurozone GDP.

Claus Vistesen (Chief Eurozone Economist)Eurozone

12 May 2021 Either the ECB has Toughened Up, or it is Behind the C urve

The ECB has been struggling to send a clear message to markets in the past few months.

Claus Vistesen (Chief Eurozone Economist)Eurozone

10 May 2021 EZ Manufacturing Disappointed in Q1, will Q2 be Better

Friday's data in the core EZ economies confirmed our suspicion that the reality in manufacturing at the start of the year was not as rosy as implied by the headline surveys and new orders data.

Claus Vistesen (Chief Eurozone Economist)Eurozone

26 Apr 2021 The April PMIs Signal a Lockdown- Proof Eurozone Economy

Judging by Friday's advance PMIs for April, new virus restrictions had minimal impact on EZ economic activity at the start of the second quarter. The composite PMI
in the euro area increased slightly, to 53.7 from 53.2 in March, lifted by a further gain in the manufacturing index, 63.3 from 62.5 last month, and a continued rebound in the services PMI, to 50.3 from 49.6 in March.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Current Account, Eurozone, February 2021

In one line: Hit by weakness in net trade in goods; net primary income remains depressed.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Construction, Eurozone, February 2021

In one line: Hit by weakness across the board; March almost surely was a lot better

Claus Vistesen (Chief Eurozone Economist)Eurozone

19 Apr 2021. Inflation in Eurozone Energy and Fuel Costs is Soaring; What Next?

Friday's final EZ inflation report for March confirmed the advance numbers. Headline inflation rose by 0.4pp, to 1.3%, boosted primarily by a leap in energy inflation, to 4.3% from -1.7% in February.

Claus Vistesen (Chief Eurozone Economist)Eurozone

12 Apr 2021 More Dire Economic Data in the EZ, but Markets Likely won't Care

The headline economic data were depressingly
poor in our absence. We are now confident that goods spending in Germany collapsed in Q1.

Claus Vistesen (Chief Eurozone Economist)Eurozone

31 Mar 2021 EZ Headline Inflation Jumped in March, but the Core Stood Still

Yesterday's advance inflation data in Germany and Spain point to slight upside risks to the EZ number today. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

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