However, there are signs which point to a gradual recovery in the course of this year, as reflected, for example, in financial market developments or in recent survey data which indicate that the decline in confidence may have bottomed out.
There are no fundamental imbalances which would require a longer correction process, and the general positive conditions for an improvement in economic activity remain in place. Financing conditions, in particular, are very favourable, and the expected further decline in consumer price inflation will lead to higher growth in real disposable income which should support domestic demand.