The Economic Outlook for Europe

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Chart 1: Export orders are particularly weak in the euro area PMI index, new export orders in the manufacturing sector

65

65 Euro area

Global

United States

China

60

60

55

55

50

50

45

45

40 Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

40

Source: IHS Markit PMI indicators.

Chart 2: Investment goods production has slowed sharply in the euro area and Japan Y-o-y % changes, 3-month moving average

10

Euro area

Japan

USA

10

8

8

6

6

4

4

2

2

0

0

-2

-2

-4

-4

-6

-6

-8 -8 Jan-2016 Apr-2016 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017 Oct-2017 Jan-2018 Apr-2018 Jul-2018 Oct-2018 Jan-2019 Source: OECD (2019), OECD Main Economic Indicators (database).

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