Eurozone | Slight downward GDP revision, but recovery on track

Summary

We have revised our GDP growth forecasts for 2016-17 slightly downwards to 1.6% and 1.9%, respectively, due to a still weak global demand together with a somewhat stronger euro and ever decreasing support from commodity prices, which are not being offset by the new easing of monetary policy and the marginally expansive fiscal policy. The risks are tilted to the downside.

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