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Eurozone: Rebound continued in France but growth pace slowed in Germany – BNPP

FXStreet (Delhi) – Research Team at BNP Paribas, notes that that while the rebound in growth continued in the third quarter in France (0.3% after 0% in Q2), the same cannot be said of Germany.

Key Quotes

“With an increase of 0.3% q/q in Q3, according to the federal statistical office’s preliminary estimate, GDP growth slowed slightly on the previous quarter (0.4% q/q in Q2). That said, this performance still came as a relatively pleasant surprise as the drop in third-quarter industrial output (down 0.2% q/q) had hinted at worse. The breakdown of GDP components is not yet available (due for publication on 24 November), but Destatis has already indicated that only households’ and government consumer expenditure supported economic activity.”

“On the other hand, business investment was a slight disappointment while foreign trade made a negative contribution to growth, in line with the steep increase in imports. Conversely, Destatis said nothing about the role played by inventories in the third quarter, but it seems likely that businesses built them back up to some degree after the major run-downs of Q2 (-0.5pp). What’s more, this would also have contributed to the significant growth in imports. For 2015 as a whole, the government’s growth forecast (1.7%) now looks optimistic.”

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