By Marta Vilar – MADRID (Econostream) – European Central Bank Vice President Luis de Guindos said on Friday that the full impact of the energy shock on economic activity had yet to materialize.

Speaking at an event organized by Spanish newspaper El Economista in Madrid, de Guindos said that “as far as inflation is concerned, the latest indicators clearly show the rise in energy prices, whereas activity indicators have not yet reflected it to the same extent, as they tend to react with a bit more delay.”

According to de Guindos, euro area GDP growth of 0.1% in the first quarter of 2026 still did not fully reflect the scale of the energy shock affecting the economy.

“What has already been reflected, however, are sentiment indicators,” he said. “Consumer confidence in Europe has fallen sharply, and the services PMI also declined very noticeably in March and April.”

He added that more time would be needed to properly evaluate the impact on economic growth.