Real GDP increased by +0.4% q/q in Q3, in line with previous quarterly performances. However, Q3 growth was mainly driven by stocks (+0.3pp) as net exports did not contribute to it and domestic demand was weak. Public spending growth accelerated to +0.5% q/q while consumer spending growth slowed down to +0.2% q/q and gross fixed capital formation fell by -0.2% q/q. Households have become pessimistic on balance since February 2019 as consumer prices have increased more than expected (+2.8% y/y in Q3) and more than wage growth (+2.4% y/y in Q3). In addition, employment growth slowed down and the unemployment rate increased to 4.4% in September 2019. The capacity utilization rate for companies has remained above the long-term average but the slowdown in global trade has had an impact on business confidence and investment decisions. The construction sector entered an adjustment period in Q2 and house price increases have slowed down from a peak of close to +10% y/y in Q4 2018. We expect GDP growth to slow down further to +1.4% in 2020 from +1.7% in 2019.