Euro Area Data Update: Firm Euro Area PMIs and Spanish Trade, Slightly Softer Consumer Confidence – Goldman Sachs

Key Takeaways

• 1.Goldman Sachs' Euro area Q3 GDP tracking estimate rose slightly by 0.01pp to +0.21% qoq, supported by German, French, and Spanish tracking improvements.
• 2.September flash PMIs beat expectations across core economies, with the area-wide composite PMI climbing 1.1pt to 53.1 (a 41-month high), driven by services activity.
• 3.Country-level PMIs showed Germany's composite rising 2.0pt to 53.8 (an 11-month high) and France rising to 51.2 (>2-year high), both boosted by strong services rebounds.

Table of Contents

• Activity
• Inflation

Report data

Exhibit 1: Area-Wide Tracking Estimate At +0.21%qoq

Reports in this series

Euro Area Data Update is shown in chronological order through this edition, published on September 23, 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 14Euro Area Data Update Limited Data Leaves Area Wide Tracking Unchanged
2. Sep 15Euro Area Data Update Mixed ZEW Survey for September
3. Sep 16Euro Area Data Update Area Wide IP Edged Down in July
4. Sep 18Euro Area Data Update Softer Italian Construction and Services Data in July