(CercleFinance.com) – Returning to the figures published this morning, Capital Economics underlines that the upward revision of the GDP of the euro zone in the first quarter ‘was largely due to the huge increase in Ireland, where the data on GDP are notoriously unreliable’.
As a reminder, GDP increased by 0.6% in the euro zone and by 0.7% in the EU compared to the previous quarter, according to Eurostat, which had only announced increases of 0.3% and 0 .4% respectively in flash estimates.
In its reaction, Capital Economics also points out that the first breakdown of spending for the first quarter, showed that growth was led by inventories and net exports, which according to him seems ‘unlikely to last’.
‘So the data is not as good as it looks. And we still believe that the euro zone will grow more slowly than the consensus predicts this year,” warns the economic analysis office.
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