In this issue of January 9, 2023 : the editorial “Eurozone: starting the year on an upbeat note” of William De Vijlder, the PMIs, the economic scenario and the calendars.
The drop in gas prices, the decline in headline inflation and the improvement of survey data in December have created a feeling that for the Eurozone 2023 might be better than expected hitherto. The survey data bode well for the growth momentum at the turn of the year, which could create a favourable carry-over effect for GDP this year and some hope that lower inflation will mean fewer ECB rate hikes. However, caution is warranted. Inflation remains far too high and core inflation has moved higher in December. Moreover, survey data provide little or no information on the pace of growth beyond the first quarter of this year.
The global manufacturing PMI edged down in December on the back of a new, significant decline in the US and for the second month in a row an increase in the euro area where the improvement is broadbased.
Outlook for GDP growth, inflation, interest rates and exchange rates
The latest economic indicators updated on January 9 2023 and the coming calendar
