30 Jan 2015
Belgium GDP increase supportive for the Eurozone– ING
FXStreet (Barcelona) - The Research Team at ING shares that Belgium posted a 0.1%qoq increase in the 4Q 2014 GDP signalling towards a weak but gradual recovery, which might be considered as a good sign for the Eurozone.
Key Quotes
“The flash estimate of the National Bank of Belgium just released showed a weak non-annualised growth of 0.1% QoQ in 4Q 2014 (0.9% YoY). This allows full year growth to reach a very modest 1.0% in 2014, in line with our expectations.”
“Even if no component data are available yet, one can expect that on the demand side, the domestic demand has been the only support for growth."
“On the supply side, multiple strikes in December are likely to have affected economic activity. We estimate the “cost” of these strikes at 0.2pp of Q4 GDP.”
“All in all, the figures released aren’t so negative. It shows that the weak and gradual recovery is still on track”
“In addition to the much stronger Q4 growth in Spain (0.7% QoQ) it can be considered as a good sign for the whole of the Eurozone (to be confirmed in the coming days).”
“We expect a cautious 1.1% GDP growth this year. In this context, it is likely that the budget balance, that has been revised to -3.1% in 2014, will improve only slowly this year, to the tune of -2.8%.”
Key Quotes
“The flash estimate of the National Bank of Belgium just released showed a weak non-annualised growth of 0.1% QoQ in 4Q 2014 (0.9% YoY). This allows full year growth to reach a very modest 1.0% in 2014, in line with our expectations.”
“Even if no component data are available yet, one can expect that on the demand side, the domestic demand has been the only support for growth."
“On the supply side, multiple strikes in December are likely to have affected economic activity. We estimate the “cost” of these strikes at 0.2pp of Q4 GDP.”
“All in all, the figures released aren’t so negative. It shows that the weak and gradual recovery is still on track”
“In addition to the much stronger Q4 growth in Spain (0.7% QoQ) it can be considered as a good sign for the whole of the Eurozone (to be confirmed in the coming days).”
“We expect a cautious 1.1% GDP growth this year. In this context, it is likely that the budget balance, that has been revised to -3.1% in 2014, will improve only slowly this year, to the tune of -2.8%.”