The rebound in euro-zone GDP growth to a respectable 0.4% q/q in the first quarter of this year has been greeted by many as proof that the economy is back on track. But we suspect that the expansion will slow again in the coming months, given that Q1 was boosted by some temporary factors and that the business surveys have been steadfastly gloomy. Indeed, we expect to learn next week that the German industrial sector continued to struggle in March and that the Composite PMIs for Italy and Spain both fell in April.
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