European Economics

European Chart Book

7 August, 2018

Consumer slowdown should prove temporary

Q2’s slowdown in GDP growth to just 0.3% q/q dealt a blow to hopes that the softness of growth in the first quarter would be a one-off. While no breakdown is available yet, timely data from France and Spain suggest that the weakness reflected a drag from net trade and a marked slowdown in consumer spending growth. There are good reasons to think that consumer spending will accelerate again. For a start, the recent slowdown has reflected an energy-related rise in inflation, which we expect to be

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