Today’s Eurozone GDP numbers highlight the stark difference in the state of the US and Eurozone economies. GDP contracted 0.6% q/q in the Eurozone in Q1 as the slow vaccine roll-out and continued lockdown restrictions took their toll.  A hefty 1.7% decline in activity in Germany easily outweighed a 0.4% gain in France. Yesterday’s data, by contrast, showed the US economy, already recovering fast on the back of the massive fiscal stimulus and growing 1.6% q/q last quarter. Activity in the US is now only 0.9% below its pre-Covid level in Q4 2019 whereas in the eurozone the shortfall remains a considerably larger 5.5%.