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Economic Research

Eurozone: March Flash PMIs Signal Consolidation

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The March composite output flash PMI for the eurozone came in at 57.5, slightly below consensus in the wake of a weaker-than-expected manufacturing reading of 57.7, but a better-than-expected services reading of 56.9. According to Markit, the PMIs are consistent with eurozone Q1 GDP growth of 0.8% (Figure 3). Taking into account other high-frequency indicators as well as increased risk aversion from the Japan disaster and the political fallout from the Middle East turmoil, RGE maintains its Q1 forecast of 0.5%, as outlined in our latest Outlook. The country breakdown again shows Germany[...]

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