Chart of The Week: Euro area GDP growth to remain solid

Fathom’s euro area nowcast model uses numerous high-frequency data to construct a timely estimate of euro area GDP growth. According to the model, the euro area economy is likely to have expanded by 0.4% in the third quarter. The currency bloc’s growth rate has undoubtedly slowed in the face of an uncertain global trade environment (net trade has been a drag on growth this year). Nevertheless, the pace of expansion remains solid and this, coupled with rising core inflation, should give the ECB sufficient confidence to cease net asset purchases in December.

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