Eurozone | Upward surprise in GDP in 1Q16, with transitory factors playing a key role

Summary

Growth in the Eurozone accelerated by 0.3 pp. to 0.6% QoQ, in contrast with the 0.4% expected, but despite the upward surprise we continue to be cautious because it is partly due to transitory factors, which could revert in 2Q16. Even so, these data reinforce our slightly more optimistic than Consensus growth forecasts for 2016, 1.6%.

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