Euro Area Trade Balance Update

The Euro area trade surplus narrowed to EUR 3.5bn in March due to higher fuel costs, while Spanish economic data remained firm. Goldman Sachs' Q1 GDP tracking is now aligned with official flash readings.

Key Takeaways

• 1.The Euro area nominal goods trade surplus narrowed by EUR 3bn to EUR 3.5bn in March.
• 2.Deterioration in the trade balance was primarily driven by fuel and lubricants.
• 3.Spanish activity indicators grew firmly in March, leading to a slight uptick in GDP tracking estimates.

Table of Contents

• BOTTOM LINE
• MAIN POINTS
• European Economics Team
• Disclosure Appendix

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