Germany, France, Italy GDP (Q4 2024)

With national data now available for all larger euro-zone countries, it looks as if GDP growth in the region slowed to 0.1% q/q or even zero in Q4 last year. (Euro-zone GDP data are out at 10.00 GMT.) The region’s two largest economies both contracted and Italy recorded no growth. With the major economies set to remain lacklustre this year even if a major tariff war is avoided, we expect the ECB to cut its deposit rate by 150bp this year to 1.50%, starting with 25bp later today.