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The fall in manufacturing and services activity in the euro area: foreign versus domestic shocks

Author

Listed:
  • De Santis, Roberto A.

Abstract

This box suggests that between January 2018 and February 2020 both foreign and domestic factors contributed substantially to the decline in manufacturing growth in the euro area, while services were more resilient. Economic activity fell sharply in March 2020 as a result of the spread of the coronavirus (COVID-19), although part of the drop in manufacturing and services is explained by domestic factors. Owing to the coronavirus and the associated containment measures, the economic outlook remains highly uncertain. JEL Classification: E32, F44, C50

Suggested Citation

  • De Santis, Roberto A., 2020. "The fall in manufacturing and services activity in the euro area: foreign versus domestic shocks," Economic Bulletin Boxes, European Central Bank, vol. 3.
    • Handle: RePEc:ecb:ecbbox:2020:0003:2
    Note: 185689
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2020/html/ecb.ebbox202003_02~bc412f5054.en.html
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    More about this item

    Keywords

    Economic activity; Foreign spillovers; Pandemic shock;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General

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