| dc.description.abstract | After five consecutive quarters of vigorous growth in the euro area, economic activity in the second quarter of 2007 slowed down to 0.3% - half of the rate projected in the Commission's spring 2007 forecast. The deceleration partly reflects temporary weather-related effects but it also signals that the euro-area business cycle may be maturing. Growth in the second quarter was primarily driven by household consumption, which continued to be buttressed by a very robust labour market. On the other hand, investment growth came to a halt for the first time in five years, mostly due to a contraction in the construction sector. The contribution of net exports to growth turned positive on the back of still robust, although moderating, world trade |
