European Economy. Quarterly report on the euro area 2003. No. IV

Abstract

The recovery is now taking hold in the euro area. After a disappointing first half of the year, GDP growth resumed in the third quarter and strong gains in business confidence over the past months indicate that activity is set to pick up further speed in the months ahead. Owing to a simultaneous upturn in all major parts of the world, the international environment is becoming increasingly supportive. Domestic demand has so far remained sluggish but should progressively gather momentum on the back of the recovery of private consumption.