Euro Area is struggling with both demand and supply; how long can consumers keep the show going?
Document Highlights
The outlook for exporters remains weak amid increasing and persistent uncertainties for global growth and trade in the short term. Ongoing weak productivity growth does not help the long term either. IP growth has been particularly weak among non-durable consumer goods and investment goods producers in Germany. This means that Euro Area growth is in the hands of European consumers for the next quarters. In the UK the chances of a no-deal Brexit on October 31st and of a recession are rising.
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