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2022/05/06 / Erste Group Research

Consumers suffer from record inflation

Eurozone growth disappointed in 1Q22 with +0.2% when compared to the previous quarter. Individual countries such as France and Spain have already published their GDP components. This has shown that private consumption in particular weighed heavily on growth in 1Q.

The shrinking consumption reflects the substantial real wage loss that Eurozone workers have already had to absorb since Fall of 2021. For a sustained improvement in the outlook for private consumption in the Eurozone, we believe inflation rates would have to start falling on a sustained basis. We expect this to happen in 2H22, provided there is no further increase in global energy and commodity prices.

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General information

AuthorErste Group Research
Product nameWeek ahead
Topic in focusMacro/ Fixed income
Economy in focusEurozone, United States
Currency in focusEuro, US Dollar
Sector in focus-


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