Eurozone economic growth came in stronger than expected in the third quarter, Rabobank’s economist Maartje Wijffelaars notes.

Consumer spending to drive growth in the coming quarters

“There’s a stark divergence between the manufacturing and services sector, however.”

“Industrial performance also varies widely between member states. This is not solely a recent phenomenon, but already predates the energy crisis. Industrial underperformance of Germany and France happened between 19Q4 and 22Q2, for example.”

“We expect that consumer spending will drive growth in the coming quarters.”