In Q4 2022, activity was generally sluggish in the main Eurozone economies, in a context of persistently high inflation, particularly with regard to energy, with consequences both for household demand and manufacturing output. In Germany and Italy, activity declined (-0.4% in Germany and -0.1% in Italy after +0.5% and +0.4% respectively in Q3), while in Spain and France, GDP continued to grow modestly (+0.2% and +0.1% respectively after +0.2% in Q3 in both countries), supported by a manufacturing industry that was less penalised than that of their neighbours. Domestic demand, on the other hand, fell sharply in all four countries, leading to positive variations in inventories (except in Italy where there was significant destocking) and also a positive contribution to the trend in activity by foreign trade...