Eurozone Q1 final GDP +0.6% vs +0.3% q/q second estimate

  • GDP +5.4% vs +5.1% y/y second estimate

The upwards revision may look positive at first glance but the details are less rosy. The better-than-estimated growth in Q1 was largely driven by a rise in exports (+0.4%) and stocks (+0.6%), offsetting the drop in government expenditure (-0.1%) and household consumption (-0.3%). The material impact from the Russia-Ukraine conflict is more likely to be felt in Q2, so just be wary of that.

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