MODERATE OUTLOOK FOR THE EUROZONE IN 2026 1/3

The Eurozone's recovery momentum remains intact despite persistent political uncertainty and shifting industrial demand. Third-quarter GDP was confirmed at +0.3%, with an annual growth rate of +1.4%, slightly exceeding consensus expectations. This resilience is primarily anchored by a robust labor market that sustains household and business spending, alongside more competitive financing conditions as interest rates ease. While net trade acted as a minor drag, the overall economy has weathered initial tariff disruptions effectively, establishing a solid foundation for the fourth quarter.