Euro Area Data Update: Data Better in Germany, Mixed in France – Goldman Sachs

Key Takeaways

• 1.Euro area-wide Q3 GDP tracking estimate ticked up slightly by 0.01pp to +0.22% qoq.
• 2.The headline inflation nearcast for end-2026 rose by 0.27pp to +3.98% yoy, driven by weekly Euro area price data and firm PPI readings in Spain, while core was unchanged at +2.62% yoy.
• 3.German activity data showed improvement, with flash manufacturing sales up +2.0% mom in August and ifo sentiment rising by 0.2sd, pushing Q3 GDP tracking up to +0.06% qoq.

Table of Contents

• Activity
• Inflation

Report data

Exhibit 4: A Meaningful Rise in Headline Pressures into Year-End

Reports in this series

Euro Area Data Update is shown in chronological order through this edition, published on September 24, 2026.

Part of the Euro Area Data Update series — view all 36 editions

Looking for the latest edition? Euro Area Data Update Soft August IP Weakens Growth Momentum in Italy (Oct 9, 2026)

1. Sep 15Euro Area Data Update Mixed ZEW Survey for September
2. Sep 16Euro Area Data Update Area Wide IP Edged Down in July
3. Sep 18Euro Area Data Update Softer Italian Construction and Services Data in July
4. Sep 23Euro Area Data Update Firm Euro Area PMIs and Spanish Trade, Slightly Softer Consumer Confidence