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2021/03/19 / Erste Group Research

When will the service sector recover?

Next week (March 24), a first flash estimate of PMI data in the Eurozone, Germany and France will be published. We expect the differentiated sentiment picture between manufacturing and services to continue in March. The progress of the vaccination campaign is crucial for the outlook of service providers.

We are raising our 2022 GDP growth forecast for the Eurozone to +3.4%, from +2.5% previously. The trigger is greater consideration of funding from the EU recovery plan and the prospect that the criteria of the Stability and Growth Pact could remain suspended in 2022.

Based on the latest available economic data and current information on pandemic developments, we have revised our forecast for Austrian GDP growth slightly upwards to +3.1%. In 2022, we expect the recovery to accelerate to +3.5%.

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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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