Economy Watch: European View (January 2022)

The Conference Board, Inc., 11 pages, April 6, 2022
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The Omicron surge may impact Euro Area’s economic growth in Q1, but it is unlikely to derail it.

Document Highlights

Amid the fast spread of the Omicron variant, activity in services took a strong hit in December in Europe. On the other hand, the manufacturing sector remained more resilient. Particularly in Germany, most recent high-frequency data point to some revival of the automotive industry. Despite the recent resurgence in COVID-19 cases, mobility in Europe remained much higher compared to a year ago and closer to its pre-pandemic levels, suggesting the economic impact of Omicron be muted. Thus, we stay firm to our above-trend GDP growth rate of 3.9 percent for the Euro Area in 2022.

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