Although more recent data has pointed to a fairly slow start in the third quarter, survey-based confidence indicators give some comfort that the turning point in economic activity that we saw earlier in the year is not reversed. Taken together, incoming information has confirmed the growth outlook from the September ECB staff projections.
While these projections still see real GDP shrinking by 0.4% this year, a positive growth rate of 1% is expected for 2014. But the pace of recovery is going to be subdued and uneven across countries for as long as it is meaningful for us to look into the future.