Financial report 2003

Abstract

The turnaround in economic activity in theEU came in the third quarter of 2003. GDP inthe euro area increased by 0.4 % quarter-on-quarter in the third quarter, after three quartersof stagnation. Data from survey indicatorssuggest a consolidation of the pace of the re-covery during the fourth quarter of 2003. Inthe third quarter of 2003, net exports stoppedbeing a drag on economic activity, as foreigndemand increased. Exports of goods and ser-vices grew by 1.8 % in the third quarter afterthree quarters of negative growth. Imports, onthe other hand, remained negative, reflectingthe weakness of domestic demand. In the au-tumn 2003 forecast, the average growth rateof GDP was estimated to be 0.8 % in the EUas a whole and 0.4 % in the euro area in 2003.