The recent slowdown in euro area output growth reflects both cyclical and temporary factors

Gonzalo Camba-Mendez and Magnus Forsells

Economic Bulletin Boxes, 2018, vol. 4

Abstract: Following very strong growth rates in 2017, quarterly real GDP growth in the euro area moderated to 0.4% in the first quarter of 2018. The slowdown in growth at the start of the year, which appears to reflect temporary factors as well as more lasting cyclical factors, was in line with developments in economic indicators, notably survey data. Both the composite output Purchasing Managers' Index (PMI) and the European Commission's Economic Sentiment Indicator (ESI) declined throughout the first quarter of 2018. However, it is important to note that, like output growth, these indicators fell back from exceptionally high levels. JEL Classification: E32, E66

Keywords: current conditions; economic outlook; euro area; general outlook; macroeconomic prospects (search for similar items in EconPapers)
Date: 2018-06
Note: 339042
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