Analysts at Rabobank expect an upside surprise in the Eurozone preliminary Gross Domestic Product (GDP) data for the first quarter due for release this Friday.

“GDP figures the Eurozone will be published on Friday April 28. We believe that the consensus is too pessimistic and we now expect a relatively strong growth figure for the first quarter.”

“However, we do not expect this strong growth to be sustained throughout the year, as the credit impulse has waned and the global growth landscape is likely to become a drag.”

“Lagarde flags risks of geopolitical changes to central bank policy and inflation. For now, we stick to our base case scenario of 5.4% in 2023 and 3.5% in 2024, but keep an eye on the changing geopolitical landscape.”