February consumer confidence eased to 57.8 from 59.0 but the Q1 average remains above Q4 by 1.5 poin...
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Q4 GDP data showed that growth remained weak in the euro area at the end of 2024 and rising natural gas prices from a cold winter and the end to Russian pipeline flows through Ukraine are likely to weigh on already disappointing growth. Despite falling German activity, our January estimate of the recession probability 6-months ahead remained close to zero. The euro area remains vulnerable to trade and energy shocks though, which aren’t modelled.
Euro area recession probability 6-months ahead estimate
Indonesia’s consumer confidence was slightly lower in January at 127.2 after 127.7 but it printed above the Q4 average of 124.9 and remains at a solid level and in line with continued robust private consumption growth of around 5%, where it was in Q4, or even higher.
Indonesia consumer confidence vs real consumption y/y%