European Economy. Quarterly report on the euro area 2002. No. II

Abstract

Since the start of the year, the euro-areaeconomy has experienced a gradual recovery.Recent data confirm that the recovery isbroadly following the course predicted in theCommission’s Spring Forecasts and the firstissue of the Regular Report released in March.Nevertheless, the anticipated improvement ofdomestic demand has not yet materialised.However, the stronger than expected globaleconomic environment has largelycompensated for the weakness in domesticdemand.