Eurozone | Recovery Tracker highlights the Eurozone gloom
Our Eurozone Recovery Tracker recorded a sizeable drop over the two weeks to November 7, mainly driven by worsening conditions in health and mobility. The 1.1pts slide was the largest since April.
What you will learn:
After a few weeks of resilience, the slump in our Recovery Tracker highlights the gloom that is affecting the eurozone economy in the last stage of the year. What’s more, some of the Tracker components for which we have data up to mid-November, such as mobility, suggest that the weakness is persisting.
With Covid cases increasing in almost all eurozone countries, governments are introducing new restrictions that are likely to become increasingly tough.
As a result, we intend to revise down our expectation for eurozone Q4 GDP growth in our updated forecast baseline that will be released at the start of December.