In this context, in the first half of the year the world economy has progressed at a slower pace (estimated 3.2%, compared to 3.5% in the second half of 2018), burdened by increased financial volatility and deteriorated confidence due to trade tensions. This comes in addition to a succession of idiosyncratic elements in key advanced economies (particularly in Europe). Nonetheless, in this less favourable environment, the growth figures of the main international economies are reasonably good. Thus, among the emerging economies, China showed favourable growth data (6.4% in the first quarter of 2019, the same figure as in the fourth quarter of 2018). This contrasts with various indicators, especially those related to exports, imports and manufacturing production, which imply that the climate of trade tensions has eroded the performance of external and industrial sectors. However, this burden has been offset by various stimulus measures implemented by the authorities in the fields of tax and monetary policies.