Eurozone: less buoyant growth perspectives for this year

Summary

The macroeconomic data for the eurozone published over the summer have been clearly negative. The performance of the three major countries in the area is to blame for these poor figures, and everything leads us to think that growth this year will come in at around 0.8% to 0.9%, QoQ instead of the 1.1% we were forecasting two months ago. The measures of the ECB, the possibility of a slight fiscal softening, the stress tests and economic and geopolitical developments outside the eurozone, ought to open the way to a clearer outlook by the end of the year, which will enable us to estimate the extent to which the European economy will continue on its slow path to recovery in 2015.

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