Eurozone | Growth to recover in 4Q18, but concerns about the slowdown are growing

Summary

EZ 3Q GDP growth slowed down by 0.2pp (more than expected) to 0.2% QoQ, with a negative surprise in Germany, partly due to the impact from new autos regulation, and stagnation in Italy. Our models predict growth at around 0.3% for 4Q, which implies small downward bias to our forecast for this year and next. Uncertainty surrounding Brexit and Italy has increased markedly.

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