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24th Feb 2025 18:42EurozoneDaily Monitor

  • Huge volatility under the hood of German Q4 GDP; inventories and net trade are key for H1. 
  • We see full-year 2025 growth of 0.5% in Germany, lower than previously but above consensus. 
  • EZ negotiated wage growth retreated in Q4, after the one-off-related jump in Q3; further falls are likely

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Keywords for: 26 February 2025 Eurozone Monitor

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