The eurozone’s economy is growing more resilient to coronavirus lockdowns, according to figures that show businesses and households are adapting to the latest restrictions and raise hopes that the region’s output will hold up better this year than last.
Google mobility data show visits to retail and entertainment venues have increased since January across most eurozone economies, pointing to a pick-up in activity last month, despite fresh lockdowns in many countries including Germany, France and Italy.
Bert Colijn, senior economist at Dutch bank ING, said: “Despite extensions of lockdown measures, high-frequency data already show that the recovery has started.”
The jump in mobility is in line with last month’s rising purchasing managers’ indices and a brightening of consumer and business sentiment revealed in recent surveys. The uplift “leads us to believe that the Q1 GDP [gross domestic product]decline…