Flash estimates for euro zone economic activity and German business sentiment are the focus for the upcoming week in the monetary union.

It's also a big week in the UK, with the release of top tier data including inflation results, retail sales and final fourth quarter GDP.

On Tuesday, Markit Economics will publish preliminary PMI for both Germany and France before releasing March advance figures for the euro zone as a whole.

Economists expect euro zone flash manufacturing PMI to have stabilized at 33.6, up a minor 0.1 point from February's 33.5 level. The services PMI is also expected to remain unchanged after slipping to an all-time low of 39.2 in February.

Economists at Postbank expect that the two indicators will be able to stabilize, albeit at a very low level.

Postbank economist Fabienne Riefer said the PMIs seem to have levelled out. However, one cannot be too optimistic with these figures, Riefer warned,we don't really expect a positive surprise.

On Wednesday, Germany's Ifo Institute will report on German business sentiment. Ahead of the report, economists expect confidence in Germany's business climate to fall marginally to a reading of 82.2 in March from 82.6.

Economists at Citi are below consensus and expect sentiment to slip further to 82.1.

However, they said, optimism in the 6-month outlook is likely to improve further on the back of the government stimulus plans.

In the UK, markets will be focus on the February inflation report although inflation is expected to remain in decline.

The ever-widening output gap will ensure that prices stay under downward pressure in spite of the various measures by the Bank of England to expand money supply, said economists from UBS.

All times in EDT:

Sunday

19:30 EU ECB's Trichet Speaks at Conference in Mexico City

March 23-27 DE Import Price Index (Y/Y) January Exp: -6.0% Prior: -5.1%

March 23-27 DE Import Price Index (M/M) January Exp: -0.4% Prior: -4.0%

Monday

6:00 EU Euro-Zone Trade Balance January Exp: -9.0B Prior: -0.7B

6:00 EU Construction Output SA (M/M) January Prior: -2.2%

6:00 EU Euro-Zone Trade Balance (SA) January Exp: -1.9B Prior: -0.3B

6:00 EU Construction Output WDA (Y/Y) January Prior: -10.1%

March 23-27 DE Import Price Index (Y/Y) January Exp: -6.0% Prior: -5.1%

March 23-27 DE Import Price Index (M/M) January Exp: -0.4% Prior: -4.0%

Tuesday

3:45 FR Consumer Spending (M/M) February Exp: -0.9% Prior: +1.8%

3:45 FR Consumer Spending (Y/Y) February Exp: -0.4% Prior: +1.8%

3:50 FR Business Confidence Indicator March Exp: +68 Prior: +68

3:50 FR Production Outlook Indicator March Exp: -77 Prior: -76

3:50 FR Own-Company Production Outlook March Exp: -45 Prior: -46

4:00 FR PMI Manufacturing March Preliminary Exp: +35 Prior: +34.8

4:00 FR PMI Services March Preliminary Exp: +40.2 Prior: +40.2

4:00 EU ECB's Papademos, IMF's Belka Speak at Belgian National Bank

4:30 DE PMI Manufacturing March Advance Exp: +32.0 Prior: +32.1

4:30 DE PMI Services March Advance Exp: +41.0 Prior: +41.3

5:00 EU ECB Euro-Zone Current Account SA January Prior: -7.3B

5:00 EU PMI Manufacturing March Advance Exp: +33.5 Prior: +33.5

5:00 EU Euro-Zone Current Account (NSA) January Prior: +1.4B

5:00 EU PMI Services March Advance Exp: +39.2 Prior: +39.2

5:00 EU PMI Composite March Advance Exp: +36.2 Prior: +36.2

5:00 EU ECB Council Member Liikanen Speaks in Helsinki

5:30 GB CPI (M/M) February Exp: +0.3% Prior: -0.7%

5:30 GB CPI (Y/Y) February Exp: +2.6% Prior: +3.0%

5:30 GB Core CPI (Y/Y) February Exp: +1.3% Prior: +1.3%

5:30 GB Retail Price Index February Exp: +209.2 Prior: +210.1

5:30 GB RPI (M/M) February Exp: -0.1% Prior: -1.3%

5:30 GB RPI (Y/Y) February Exp: -0.7% Prior: +0.1%

5:30 GB RPI Ex Mort Interest Payments (Y/Y) February Exp: +1.9% Prior: +2.4%

5:30 GB BBA Loans for House Purchase February Prior: 23376

5:45 GB BOE's King, Tucker, Dale, Besley, Blanchflower to testify

14:00 EU ECB's Constancio Speaks at University in Lisbon

14:30 GB Bank of England's Blanchflower to Make Speech

March 24-31 GB Nationwide House prices (M/M) (SA) March Exp: -1.5% Prior: -1.8%

March 24-31 GB Nationwide House prices (Y/Y) (NSA) March Exp: -18.1% Prior: -17.6%

March 23-27 DE Import Price Index (Y/Y) January Exp: -6.0% Prior: -5.1%

March 23-27 DE Import Price Index (M/M) January Exp: -0.4% Prior: -4.0%

Wednesday

4:30 IT Consumer Confidence Index (SA) March Exp: +103 Prior: +104.1

5:00 DE IFO - Business Climate March Exp: +82.2 Prior: +82.6

5:00 DE IFO - Current Assessment March Exp: +82.5 Prior: +84.3

5:00 DE IFO - Expectations March Exp: +81.5 Prior: +80.9

7:00 GB U.K. CBI March Distributive Trades

13:00 FR Total Jobseekers February Prior: 2204.5

13:00 FR Jobseekers- Net Change February Exp: +62.5 Prior: +90.2

March 23-31 GB Nationwide House prices (M/M) (SA) March Exp: -1.5% Prior: -1.8%

March 23-31 GB Nationwide House prices (Y/Y) (NSA) March Exp: -18.1% Prior: -17.6%

March 23-27 DE Import Price Index (Y/Y) January Exp: -6.0% Prior: -5.1%

March 23-27 DE Import Price Index (M/M) January Exp: -0.4% Prior: -4.0%

Thursday

3:10 DE GfK Consumer Confidence Survey April Exp: +2.5 Prior: +2.6

3:45 FR Consumer Confidence Indicator March Exp: -44 Prior: -43

4:30 IT Business Confidence March Exp: +63.0 Prior: +63.2

5:00 IT Trade Balance Non-euro zone February Prior: +€-3978

5:00 EU Euro-Zone M3 (Y/Y) (SA) February Exp: +5.5% Prior: +5.9%

5:00 EU Euro-Zone M3 3-month average (SA) February Exp: +6.3% Prior: +7.0%

5:30 GB Total Business Investment (Q/Q) Q4 Final Exp: -3.9% Prior: -3.9%

5:30 GB Total Business Investment(Y/Y) Q4 Final Exp: -7.7% Prior: -7.7%

5:30 GB Retail Sales (M/M) February Exp: -0.4% Prior: +0.7%

5:30 GB Retail Sales (Y/Y) February Exp: +2.5% Prior: +3.6%

March 23-31 GB Nationwide House prices (M/M) (SA) March Exp: -1.5% Prior: -1.8%

March 23-31 GB Nationwide House prices (Y/Y) (NSA) March Exp: -18.1% Prior: -17.6%

March 23-27 DE Import Price Index (Y/Y) January Exp: -6.0% Prior: -5.1%

March 23-27 DE Import Price Index (M/M) January Exp: -0.4% Prior: -4.0%

Friday

3:45 FR Gross Domestic Product (Q/Q) Q4 Final Exp: -1.2% Prior: -1.2%

3:45 FR Gross Domestic Product (Y/Y) Q4 Final Exp: -1.0% Prior: -1.0%

4:30 IT Retailers' Confidence General March Prior: +94.7

4:30 IT Services Survey March Prior: -32

5:00 IT Industrial Orders (M/M) (SA) January Exp: -4.5% Prior: -2.0%

5:00 IT Industrial Orders (Y/Y) (NSA) January Exp: -21.8% Prior: -15.4%

5:00 IT Industrial Sales (M/M) (SA) January Prior: -3.8%

5:00 IT Industrial Sales (Y/Y) (NSA) January Prior: -10.3%

5:30 GB GDP (Q/Q) Q4 Final Exp: -1.5% Prior: -1.5%

5:30 GB GDP (Y/Y) Q4 Final Exp: -1.9% Prior: -1.9%

5:30 GB Current Account Q4 Exp: £-5.9B Prior: -7.7B

5:30 GB Bank of England's Dale to Make Speech

6:00 EU Industrial New Orders (M/M) (SA) January Exp: -5.6% Prior: -5.2%

6:00 EU Industrial New Orders (Y/Y) January Exp: -28.4% Prior: -22.3%

March 27 Regional German CPI

March 27 DE Consumer Price Index (M/M) March Preliminary Exp: +0.1% Prior: +0.6%

March 27 DE Consumer Price Index (Y/Y) March Preliminary Exp: +0.7% Prior: +1.0%

March 27 DE CPI - EU Harmonised (M/M) March Preliminary Exp: +0.1% Prior: +0.7%

March 27 DE CPI - EU Harmonised (Y/Y) March Preliminary Exp: +0.7% Prior: +1.0%

March 23-31 GB Nationwide House prices (M/M) (SA) March Exp: -1.5% Prior: -1.8%

March 23-31 GB Nationwide House prices (Y/Y) (NSA) March Exp: -18.1% Prior: -17.6%

March 23-27 DE Import Price Index (Y/Y) January Exp: -6.0% Prior: -5.1%

March 23-27 DE Import Price Index (M/M) January Exp: -0.4% Prior: -4.0%

By Todd Wailoo, twailoo@economicnews.ca, edited by Megan Ainscow, mainscow@economicnews.ca