FX.co ★ European Economic News Preview: Eurozone Flash GDP Data Due

Tuesday promises to be a busy day for European economic news, with key indicators from several major economies on the schedule.

At 1:30 am ET, France's statistical organization, INSEE, will release preliminary GDP and consumer spending numbers. The second-largest economy in the euro area is predicted to report growth of 0.1% for Q1, matching the rate seen in the last quarter of the previous year.

At 2:00 am ET, Germany's data agency, Destatis, will publish monthly retail sales, import prices, and ILO jobless rate statistics. It is anticipated that import prices for March will reflect a decrease of 3.8% year-over-year, softer than the 4.9% drop recorded in February. The retail sector is predicted to rebound, with a 1.5% increase in sales for March, reversing the 1.9% decline noted in February.

Preliminary Q1 GDP results for Hungary are expected at 2:30 am ET, followed by France's initial readings of consumer price index and producer price index at 2:45 am ET. Analysts predict that the inflation rate will slip slightly to 2.1% for April, down from March's 2.3%.

At 3:00 am ET, Spain, the Czech Republic, and Austria are scheduled to report initial GDP figures. The Spanish economy is predicted to slow down slightly, with a Q1 growth of 0.4% following the 0.6% increase of the preceding quarter.

Germany's unemployment statistics will be released by the Federal Labor Agency at 3:55 am ET, with no change expected from the 5.9% jobless rate recorded in April. Following that, at 4:00 am ET, initial GDP results for Q1 from Germany and Italy will be published. The German economy is forecasted to contract by 0.2%, mirroring the shrinkage seen in the previous quarter.

The Bank of England will announce its March mortgage approvals data at 4:30 am ET, which is projected to increase slightly to 61,000 from 60,383 in February. Finally, at 5:00 am ET, Eurostat will present the Eurozone's preliminary GDP and inflation figures. Economists expect a modest 0.1% expansion for the first quarter, after stagnation in Q4, and anticipate that inflation will hold steady at 2.4% in April.