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Economy Watch: European View—October 2021 The Conference Board of Canada, 10 pages, December 15, 2021 Report

Economy Watch: European View—October 2021

The Conference Board of Canada, 10 pages, December 15, 2021
Report

Optimistic consumers keep domestic demand strong while industrial production slows under the pressure of supply chain bottlenecks and rising costs. Document Highlights After two quarters of solid economic growth, the Euro Area is likely to enter Q4 on a weak footing. Despite business activity in both the manufacturing and service sectors remaining robust in September, supply bottlenecks due to equipment and labor shortages and high pricing pressures weighed on their rate of expansion. At the same time, domestic demand in the region is strong and consumer confidence is expected support consumer spending in the near-term. Overall, despite some loss of momentum due to supply-side disruptions, the Euro Area economy is on track to grow by 4.7 percent in 2021 and by 3.9 percent in 2022.

Optimistic consumers keep domestic demand strong while industrial production slows under the pressure of supply chain bottlenecks and rising costs.

Document Highlights

After two quarters of solid economic growth, the Euro Area is likely to enter Q4 on a weak footing. Despite business activity in both the manufacturing and service sectors remaining robust in September, supply bottlenecks due to equipment and labor shortages and high pricing pressures weighed on their rate of expansion. At the same time, domestic demand in the region is strong and consumer confidence is expected support consumer spending in the near-term. Overall, despite some loss of momentum due to supply-side disruptions, the Euro Area economy is on track to grow by 4.7 percent in 2021 and by 3.9 percent in 2022.

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