PwC/AGEFI Monthly Barometer - March 2017

Our barometer has dropped by one point this month, settling at +25. Despite good morale in Luxembourg, this drop is attributed to Eurozone economic results falling slightly below expectations.


  • STATEC predicted that GDP would rise in the fourth quarter of 2016, bolstered by an increase in household consumption and producer prices.
  • This upward trend is expected to continue in 2017 thanks to the tax reform, salary indexation and the rising cost of raw materials.
  • Positive indicators include: record consumer confidence, increase in vehicle registrations and improved retail sales at the end of 2016.
  • The financial sector should be boosted by the more favourable market climate.
  • The mutual funds market boasted a record 3.7 billion euros of assets under management at the end of 2016 - a 6.7% increase year on year.

The Eurozone:

  • The Eurozone experienced growth for the fifteenth quarter in a row (+0.4% in Q4 2016), the longest growth period since the 2008-2009 recession.
  • Figures were worse than expected for Germany and France (+0.4%), as well as Greece (-0.4%)
  • Markit's February's composite PMI (Purchasing Managers' Index) has reached activity levels that have not been seen for six years
  • This should lead to 0.6% growth in the Eurozone for the first quarter of 2017

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