(Bloomberg) -- The French and Spanish economies surged in the third quarter, a rebound that’s now being derailed by an intensifying pandemic and new government restrictions across Europe on businesses.Both France’s 18.2% jump in output and Spain’s 16.7% beat the median expectations of economists. But the bounce backs follow huge slumps in the previous three months, when activity came to a near halt amid efforts to contain the pandemic. Similar figures are due for Germany and the euro area later on Friday.More up-to-date indicators paint a far gloomier picture, and the bloc’s economy is now at risk of slipping back into recession. The European Central Bank has acknowledged the increasing danger and signaled it will pump more stimulus into the economy in December.Key Developments:ECB pushes governments to get on with spendingFrance says second lockdown will cut output by 15%FRANCE REACT: Strong rebound masks steep contractionaheadClick TECO for more of today’s main economic news. See BECO for analysis from Bloomberg Economics and click here to subscribe to our Supply Lines newsletter.Austrian GDP, French inflation (9 a.m. CET)The Austrian economy grew 11.1% in the third quarter following a 12.1% slump in the previous three months, deeper than previously estimated. In France, there was disappointing inflation news, with price growth stagnating in October. Euro-area data due later Friday is forecast to show the inflation rate in the 19-country bloc at -0.3%, below zero for a third month.Spanish economic growth rebounded after lockdown (9 a.m.)Spain’s third-quarter performance followed the lifting of a strict lockdown that sent GDP plunging almost 18% in the previous three months. The country is on track for one of the euro-area’s deepest contractions this year. It’s been particularly hard-hit by the pandemic because of its dependence on the now-suffering tourism industry, the relatively small size of its companies -- which leaves them financially vulnerable -- and difficulties in the labor market.ECB’s Holzmann urges look at all options (8:34 a.m. CET)ECB Governing Council member Robert Holzmann says it’s right to assume Lagarde signaled more stimulus, but a final decision will be made at the December meeting. He downplayed the effectiveness of another interest-rate cut and said the ECB may have to be innovative.“We put a lot of money on the table but inflation hardly moved,” he said on Bloomberg Television. “There is a rising recognition that quantity by itself doesn’t do the trick. You have to look more into the structure and see how this can be fine tuned.”German Retail Sales (8 a.m. CET)The closure of bars, restaurants and some stores across parts of Europe means domestic demand will take a big hit this quarter. That side of the economy was already looking a bit wobbly. German retail sales fell a bigger-than-expected 2.2% in September, while earlier figures showed French consumer spending dropped 5.1%, leaving it below its pre-crisis level.French GDP (7:30 a.m. CET)All parts of the French economy rebounded sharply, with a particularly strong surge in consumer spending to a level only 2.1% below the third quarter of 2019. The recovery in investment was less vigorous, reaching a level 5.1% below last year’s.The country will aim to limit the drop in economic activity during the country’s second lockdown -- starting Friday -- to 15%, half the decline recorded in the spring, according to French Finance Minister Bruno Le Maire. The government is reactivating a solidarity fund to help companies weather the crisis.Coming Up (all times CET):ECB Survey of Professional Forecasters (10 a.m.)German GDP (10 a.m.)German government updates economic forecasts (10 a.m.)Italian GDP (10 a.m.)Portugal GDP (10:30 a.m.)Euro-area inflation, GDP (11 a.m.)ECB policy makers Holzmann, Mersch, Visco, Guindos, Weidmann speakFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.