PwC/AGEFI Monthly Barometer - June 2017

A drop in morale among Luxembourg manufacturers has caused our barometer to fall by eight points, while Eurozone analysts and investors are increasingly confident.


  • Domestic paid employment gathered speed in late 2016 and was up 3.3% year on year in the fourth quarter.
  • Unemployment has declined further, to 6.0% of the active population in April 2017 from 6.2% at the beginning of the year.
  • In 2016, the most dynamic sectors were real estate (+7.3%), services to companies (+6.6%), agriculture (+5.2%) and ITC (+3.5%).

The Eurozone:

  • The composite purchasing managers’ index (PMI) reached 57 in early June, the highest it has been since 2011.
  • STATEC anticipates that growth will pick up slightly in the Eurozone in 2017 and 2018 (+1.9% compared with +1.8% in 2016).
  • The Eurozone would continue to be in a phase of moderate growth, recording five years of expansion (2014-2018) at an average pace of 1.7%.
  • France is doing marginally better: INSEE revised GDP growth prospects upwards, from 0.3% to 0.4%.

The World:

  • US GDP slowed down significantly in the first quarter of 2017, up 0.2% over a quarter (compared with +0.5% in the fourth quarter of 2016).
  • The IMF expects US GDP growth to exceed 2% this year, up from 1.6% in 2016.

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