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Eurozone: Showing Economic Resilience in the Face of Trade Headwinds

Resilient domestic demand contrasts weaknesses in global trade. The eurozone, therefore, continues the recent trend that combines a resilient services sector with struggling manufacturing industries. The question is: how long can this divergence last?

Diverging trends and moderate growth
The slowdown in the eurozone continues with an estimated growth rate of 0.2 percent in the second quarter, after 0.4 percent growth in the first quarter. Among the big eurozone economies, Spain showed the highest quarterly growth rate, and business and consumer sentiment in France rebounded. Germany grew stronger than expected in the first quarter due to a rebound of car sales after the production delays at the end of 2018, while the Italian economy has largely stagnated.2

A very positive trend cutting across the eurozone relates to labor market performance—employment in the eurozone continues to grow. Currently, there are 159.5 million people employed in the eurozone—the highest level ever recorded. The number of persons employed has increased by 10.8 million in the euro area since 2013Q2. The unemployment rate was down to 7.5 percent in June, almost one percentage point less than a year before, and the lowest since July 2008… more


 
 
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