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The Eurozone economy grew 0.1% q/q in Q1. The slowdown ahead of the Iran war reflects, in part, delayed effects of US import tariffs. Activity will probably remain sluggish in the coming quarters, as a result of the energy supply shock. We forecast 0.6% growth this year, followed by 0.9% in 2027. We mainly see downside risks to this forecast, related to a delayed reopening of Hormuz.
Marketing communication / Non-Independent Research. This publication is issued by Coöperatieve Rabobank U.A., registered in Amsterdam, and/or any one or more of its affiliates and related bodies corporate (jointly and individually: “Rabobank”). Coöperatieve Rabobank U.A. is authorised and regulated by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. Read more
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