Pantheon Macroeconomics

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Pantheon Publications

Below is a list of our Publications for the last 5 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.

Please use the filters on the right to search for a specific date or topic.

Melanie Debono (Senior Eurozone Economist)

EZ Datanote: GDP (2nd Est.), Employment & Trade Balance, EZ, Q3/Sept 2025

In one line: Drag from net trade in goods disappeared in Q3, as US exports jumped, supporting the confirmed picked up in GDP growth.

14 November 2025 Eurozone Monitor Service sector saves the day in Q3 and will drive EZ growth in Q4

  • EZ industrial production had a neutral impact on EZ GDP in Q3, if you believe Eurostat’s figures. 
  • Construction, meanwhile, is set to have been a drag, while services pulled GDP up by 0.2%. 
  • Surveys point to a jump in services output ahead, but meagre moves in construction and industry.

13 November 2025 Eurozone Monitor Euro won't underwrite a Q4 rate cut; surveys too upbeat on Spain

  • ECB doves hoping for help from the euro to pull a December cut over the line will be disappointed… 
  • ...We expect a further softening in the euro to 1.15 by year-end, before a slight pick-up next year, to 1.17.
  • Spanish and Italian surveys for early Q4 are too upbeat, in our view.

EZ Datanote: Sentix, Eurozone, November 2025

In one line: Down but still consistent with faster GDP growth in Q4.

4 November 2025 Eurozone Monitor Sub-zero Swiss inflation the name of the game until H2 2026

  • Swiss inflation eased to within touching distance of 0%, the bottom of the SNB’s inflation target range. 
  • We look for further declines, in contrast to the SNB’s forecast for inflation to rise. 
  • Still, the SNB will hold off from further easing this year and probably also next year.

EZ Datanote: PMI, Switzerland, October 2025

In one line:  In line with our view of Swiss economic weakness.

Global Datanote: PMIs, Switzerland, October 2025

  • In one line: In line with our view of Swiss economic weakness.

EZ Datanote: Advance GDP, Italy, Q3 2025

In one line: Not much of a rebound but faster growth is on the way.

EZ Datanote: ECB BLS, EZ, Q3 2025

In one line: Lending standards tightened again, but demand for loans is still rising, just.

EZ Datanote: ISTAT Business Confidence & ECB CES, Oct/Sep 2025

In one line: Italian GDP growth will pick up in Q4; Inflation expectations stabilising at a high level.

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Keywords for: Publications

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence