In the euro area growth is strengthening, led by consumption and investment in capital goods. In 2017, GDP is expected to grow by almost 2 per cent in the euro area, around twice the rate for Italy.
Two additional possible factors explaining the prevalence of contained long-term interest rates are a decline in projected economic growth, and stable and moderate inflation expectations in recent months.4 During 2011, the Mexican economy has continued a recovery process after surpassing, by the beginning of the year, the maximum levels of economic activity observed prior to the global financial crisis.