Eurozone GDP for Q1 came in at a flat 0.0% today. That was actually a bit of relief, as there were expectations that the economy was going to go negative.
But there’s very little reason to cheer.
For one thing, as Brown Brothers Harriman points out (as tweeted by Alice Ross) the strong German GDP numbers mean that there’s very little inclination on their part for reforms.
Also, the flat GDP isn’t going to last.
Nomura compares GDP to Eurozone PMI numbers, which almost certainly indicate more weakness to come.