Eurozone Quarterly: Better is not good enough

Germany: Recession avoided – for now

The German economy is showing some unexpected resilience, however it is a long way off displaying a strong economic recovery

France: Activity to stagnate, inflation to peak

After a resilient 2022 in France, where economic activity grew by 2.6%, 2023 should be characterised by quasi-stagnation. Inflation is expected to rise…

Italy: A soft growth patch vulnerable to inflation developments

Despite solid employment resilience, consumption looks set to decelerate in 2023. Still, together with investment, it should keep growth in positive…

The Netherlands: sluggish growth in 2023

Dutch GDP is forecast to grow by a mediocre 0.4% in 2023 and a close-to-normal 1.4% in 2024. A short and mild recession is forecast to last until the…

Spain: leads the pack for European growth in 2023

We expect Spain's economy to grow by 0.9% this year, considerably less than in 2022, but better than most other eurozone countries. Headline inflation…

Greece: Uncertainty to grow amid upcoming elections

The end of re-opening effects will bring about softer demand as normalising fiscal policy takes away extra support. Upcoming elections will also add a…

Belgium: Short-term resilience, medium-term challenges

The Belgian economy coped well with the inflation shock in 2022. Even if 2023 looks more difficult, a strong labour market should limit the damage. But in…

Austria: Warm weather a double-edged sword for growth

There are two main drivers of Austria's economic activity: industry and tourism. While the current mild temperatures are benefiting industry, they are…

Ireland: maintains strong growth trend

Ireland's economy boomed in 2022 and the same is expected this year. The country has been relatively unscathed by the energy crisis, but high…

Finland: can it bounce back from recession as structural challenges mount?

The Finnish economy is set to undergo a milder economic winter than previously expected, but structural challenges will work against a swift recovery in 2023