If one looks at the percentage of all sectors in all euro area countries that have positive growth, the figure stood above 80% at the end of last year, well above its historical average of 73% and the level observed during the 2009–11 recovery.
Importantly, the current growth has not been fueled by an unsustainable increase in domestic credit; in addition, it does not rely on net financial inflows: the adjusted current account measure is close to zero. At the same time, there are clear downside risks facing the economy.