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  • German manufacturing fell in Q1, but survey data point to a robust end to the quarter and Q2 strength. 
  • Net trade in goods surged in Q1, but we suspect the boost was partially offset by a fall in inventories. 
  • Our nowcast models for Germany point to big upside risk to Q1 growth, but take them with a pinch of salt.

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Keywords for: 10 April 2026 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence