Eurozone Countries Outlook 2025: Europe’s running out of road

Europe's running out of road

Europe is facing profound economic and social challenges

Germany: how to make the economy great again

Germany's February elections will decide on the fate of the economy for the next few years

France: political uncertainty will weigh on the economy

The French economy is expected to face significant challenges in 2025. GDP growth is projected to slow.

Italy: Moderate growth in an uncertain environment

We expect moderate growth for Italy in 2025 in an uncertain environment

Spain: sustained growth amid shifting drivers

Spain has emerged as a key driver of economic growth in the eurozone. We expect this to continue in 2025

The Netherlands: relying on domestic demand amid supply challenges

Dutch GDP is expected to expand by a moderate 1.3% in 2025, mainly driven by consumption

Belgium: searching for a glimmer of hope amid weak growth

Belgian's economy is set to grow at a sluggish pace in 2025

Austria: bleak outlook amid political and economic crises

Austria’s economic crisis was compounded by a political crisis, potentially worsening the economic situation

Greece: another year of growth overperformance in sight

Greece should continue to outperform the eurozone average this year as it did in 2024

Portugal: growth pickup after a challenging year

After a challenging 2024, the Portuguese economy is expected to improve in 2025

Eurozone house prices back at their peak, but pace of growth will slow in 2025

A weakening labour market and minimal improvement in affordability are likely to slow the speed of recovery in the eurozone housing market