After an upturn in activity over the summer, driven for the most part by household consumption, the short-term outlook in the Eurozone countries was gloomy for the end of 2021: inflation, supply chain difficulties and a worsening health situation are likely to slow down activity in Q4 2021. At the start of 2022, this slowdown is expected to continue in those countries that are already back to their pre-crisis level of activity, like France and Italy, while GDP is likely to still require a catch-up eff ect in Germany and especially in Spain.