Eurozone | Strong growth continues in 1Q18 but confidence seems to peak

Summary

GDP growth moderated in 4Q17 but increased above potential for the third year in a row (+2.5% in 2017). Hard data improved by the end of last year but sentiment indicators moderated in February. Our MICA-BBVA model estimates an upturn in growth to around 0.6/0.7% QoQ for 1Q18. We continue to expect a gradual slowdown over the year to a still strong growth of 2.2% in 2018.

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