EcoWeek

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Ecoweek 19-06 // 8 February 2019  
economic-research.bnpparibas.com  
Pulse  
Eurozone: Resistant but still slow growth  
Most economic data remain low regarding their long-term average. Following three months of decline, the PMI services stabilized in January  
51.2) and surprised on the upside. Economic growth in the Eurozone remained stable at 0.2% q/q in Q4 2018, reflecting divergent  
(
developments. In particular, Italy slipped into recession in late 2018 while French growth was resilient. Core inflation, still well below ECB’s  
medium-term inflation target, was above expectations.  
Climat des affaires (Jan-19)  
IPC, g.a (Jan-19)  
IPC sous jacent, g.a (Jan-19)  
Confiance économique (Jan-19)  
Manufacturing PMI (Jan-19)  
Vente au détail, m/m (Dec-18)  
PIB, t/t (T4' 18)  
Services PMI (Jan-19)  
Taux de chômage (Dec-18, signe inversé pour les deux axes)  
Production industrielle, m/m (Nov- 18)  
2
1
0
.0  
.0  
.0  
-1.0  
-2.0  
-3.0  
-2.0  
-1.0  
0.0  
1.0  
Écart au consensus (z-score)  
2.0  
3.0  
4.0  
Indicators preview  
Next week will see important releases in France (Banque de France industrial sentiment, unemployment rate), Germany (GDP) and the  
eurozone (GDP). Following the significant downward revision of the growth outlook by the Bank of England, data for the UK will be monitored  
with great interest: industrial production, GDP, inflation, retail sales. In the US we will have small business sentiment, retail sales, consumer  
prices, producer prices, industrial production, capacity utilisation, University of Michigan sentiment. Japan publishes its GDP growth.  
Date  
Country/Region  
France  
Event  
Period  
Jan  
4Q  
Dec  
Jan  
Jan  
Dec  
Jan  
4Q  
4Q  
4Q  
4Q  
4Q  
Jan  
Jan  
Jan  
Jan  
Jan  
Feb  
Prior  
103  
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2/11/19  
Bank of France Ind. Sentiment  
GDP QoQ  
Industrial Production MoM  
NFIB Small Business Optimism  
CPI MoM  
Industrial Production SA MoM  
CPI MoM  
GDP SA QoQ  
2/11/19  
2/11/19  
2/12/19  
2/13/19  
2/13/19  
2/13/19  
2/14/19  
2/14/19  
2/14/19  
2/14/19  
2/14/19  
2/14/19  
2/15/19  
2/15/19  
2/15/19  
2/15/19  
2/15/19  
United Kingdom  
United Kingdom  
United States  
United Kingdom  
Eurozone  
United States  
Japan  
France  
Germany  
Eurozone  
Eurozone  
United States  
United Kingdom  
United States  
United States  
United States  
United States  
0.6%  
-0.4%  
104.4  
0.2%  
-1.7%  
-0.1%  
-0.6%  
9.1%  
-0.2%  
0.2%  
--  
-0.2%  
-1.3%  
--  
0.3%  
78.7%  
--  
ILO Unemployment Rate  
GDP SA QoQ  
Employment QoQ  
GDP SA QoQ  
PPI Final Demand MoM  
Retail Sales Ex Auto Fuel MoM  
Retail Sales Advance MoM  
Industrial Production MoM  
Capacity Utilization  
University of Michigan Sentiment  
Source: Bloomberg, BNP Paribas  
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