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.


2 Sept 2021 The Eurozone's Industrial Sector Remains in the Doldrums, for now

  • EZ manufacturing output is still hampered by supply-side woes, but it's not all bad news.
  • Unemployment in the EZ fell further at the start of Q3; we think the good news will keep coming.
  • SPD's lead in the German polls is startling, but not yet a game-changer for the final outcome.

Claus Vistesen (Chief Eurozone Economist)Eurozone

7 July 2021 EZ Manufacturing is Being Held Back by Weakness in Autos

Weakness in the core remained a drag on euro area manufacturing midway through Q2, amid strength elsewhere.

Claus Vistesen (Chief Eurozone Economist)Eurozone

14 June 2021 We're Betting on a Further Fall in EZ Unemployment in H2

In any given quarter, the change in the unemployment rate can be derived by the difference between the change in employment and the change in the size of the labour force as a share of the total population.

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

4 May 2021 EZ Recession Confirmed, but now the Recovery Begins, We Hope

Friday's advance GDP data in the euro area largely conformed to our expectations.

Claus Vistesen (Chief Eurozone Economist)Eurozone

27 Apr 2021 The German Economy Took a Hit in Q1, but Q2 Will be Better

This week will see the release of advance Q1 GDP data, and one of the key stories will be underperformance in the Eurozone's largest economy.

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

16 Apr 2021 German and French Core Inflation Held up at the end of Q1

Yesterday's detailed inflation data in Germany and France for March convey two key messages to investors.

Claus Vistesen (Chief Eurozone Economist)Eurozone

19 Mar 2021 Upside for the EZ Trade Surplus in 2021, Despite Near-Term dip

Data yesterday suggest that the euro area's trade surplus eased at the start of the year, halting an otherwise rocketing rebound from the lows in Q2 during the first lockdown.

Claus Vistesen (Chief Eurozone Economist)Eurozone

15 Mar 2021 Hot Energy Inflation in Germany, but the Core likely is Softening

Friday's detailed CPI data in Germany conformed to expectations. Headline inflation rose to 1.3% year-over- year in February, from 1.0% in January, matching the early estimate. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Industrial Production, Eurozone, January 2021

In one line: Solid, consistent with another strong quarter in manufacturing. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Industrial Production, France, January 2021

In one line: Solid, lifted by all components except transport equipment. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade Balance, Eurozone, January 2021

In one line: Very robust, but imports likely will rebound in the next few months. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

8 Mar 2021 A Sustained, but Slowing, Upturn in German Manufacturing

The upturn in German manufacturing orders resumed at the start of the year. Factory orders edged higher,
by 1.4% month-to-month in January, partially reversing the 2.2% decline in December. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

5 Mar 2021 An Increase in PEPP Purchases is Coming, But Don't Expect a Surge

We are sympathetic if euro area fixed income investors are slightly confused about the ECB's intentions.

Claus Vistesen (Chief Eurozone Economist)Eurozone

4 Mar 2021 The Downturn in the EZ Ended in February, but No Rebound in Sight

Yesterday's final February PMIs confirmed that virus restrictions are still holding back services, overwhelming the solid upturn in manufacturing, but the numbers were better than we expected.

Claus Vistesen (Chief Eurozone Economist)Eurozone

3 Mar 2021 The Calm Before the Storm in Eurozone Headline Inflation

The upturn in EZ inflation stalled in February, temporarily. Advance data yesterday revealed that the headline HICP rate rose by 0.9% year-over-year, the same pace as in January.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Retail Sales, Germany, January 2021

In one line: Ugly; goods spending set for a sharp drop in Q1. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

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