Financial report 2004

Abstract

The economic recovery in the EU and euroarea, which started in the summer of 2003,lost some momentum. After a surprisinglystrong upside during the first half of 2004, thepace of expansion of economic activity in theEU decelerated somewhat in the third quarterof the year. Growth in both the EU and theeuro area decelerated from 0.5 % (quarter-on-quarter) in the second quarter of 2004 to0.3 % in the third quarter. In the autumn 2004forecast, the average growth rate of GDP wasestimated to be 2.5 % in the EU as a wholeand 2.1 % in the euro area in 2004.