13 Feb 2015
Upside surprises for the Eurozone Q4 2014 GDP – TDS
FXStreet (Barcelona) - The TD Securities Team reviews the Eurozone Q4 GDP release, noting that Greece’s GDP print had a downside surprise, falling -0.2% qoq, way below consensus at 0.4% qoq.
Key Quotes
“There were upside surprises for the Eurozone GDP Q4 prints this morning. German GDP rose 0.7% Q/Q (consensus: 0.3%, prior, 0.1%), Italian GDP was flat (consensus: -0.1%, prior –0.1%), while the pan-Eurozone print came in at 0.3% Q/Q (consensus: 0.2%, prior 0.2%).”
“This is still not going to break any land speed records for growth at this stage, but given the long string of downside to Eurozone data we have been seeing, it's a good start.”
“More trivial than anything else, but we did see a downside surprise for Q4 Greek GDP at -0.2% Q/Q (consensus: 0.4%). The recovery was actually gaining momentum, as they were expected to grow faster than Germany in 2015, but while the Syriza renegotiations may be positive for Greece long-term if some of the more extreme positions are moderated through the negotiations, it's a negative in the short-term.”
Key Quotes
“There were upside surprises for the Eurozone GDP Q4 prints this morning. German GDP rose 0.7% Q/Q (consensus: 0.3%, prior, 0.1%), Italian GDP was flat (consensus: -0.1%, prior –0.1%), while the pan-Eurozone print came in at 0.3% Q/Q (consensus: 0.2%, prior 0.2%).”
“This is still not going to break any land speed records for growth at this stage, but given the long string of downside to Eurozone data we have been seeing, it's a good start.”
“More trivial than anything else, but we did see a downside surprise for Q4 Greek GDP at -0.2% Q/Q (consensus: 0.4%). The recovery was actually gaining momentum, as they were expected to grow faster than Germany in 2015, but while the Syriza renegotiations may be positive for Greece long-term if some of the more extreme positions are moderated through the negotiations, it's a negative in the short-term.”