Commentary If we looked at most investment bank outlook reports for 2021, one of the main consensus themes was a strong conviction of a rapid and robust eurozone recovery. They were wrong. Last week, Capital Economics joined other analysts and downgraded eurozone growth, highlighting: “We now think that the euro-zone economy will recover more slowly…
The Myth of the Savings Glut
Commentary Many economists point to the “abnormal” rise in savings as a bullish signal that it will drive a stronger recovery and a consumption boom. The figures look impressive. In the United States, JP Morgan estimates $2 trillion in deposits, up from $1 trillion before the pandemic. In the eurozone, Bloomberg Economics estimates an excess…
Eurozone Inflation Surges, a Communications Headache for ECB
BRUSSELS—Eurozone consumer inflation rebounded by much more than expected in January, a flash estimate showed on Feb. 3, pushed up by a jump in prices in Germany and the Netherlands, and despite the continued downward pull from cheaper energy. The European Union’s statistics office Eurostat estimated that consumer prices in the 19 countries sharing the…
Eurozone Downturn Deepened in January as Lockdowns Hit Services
LONDON—The eurozone’s economic downturn deepened in January as renewed restrictions to quell the spread of the coronavirus hit the bloc’s dominant service industry hard, offsetting a robust performance by manufacturers, a survey showed on Feb. 3. Coronavirus cases have been soaring again and governments across the continent have renewed tough lockdown measures, clamping down on…
Eurozone Business Activity Shrinks in January as Lockdowns Hit Services
January 24, 2021
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LONDON—Economic activity in the eurozone shrank markedly in January as stringent lockdowns to contain the coronavirus pandemic hit the bloc’s dominant service industry hard. With hospitality and entertainment venues forced to remain closed across much of the continent, surveys on Friday highlighted sharp contractions in the services industry but also showed manufacturing remained strong as…
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