The recovery has proven to be resilient against past external shocks and influences. In fact, real GDP growth in the euro area has expanded for 15 consecutive quarters, growing by 0.4% during the final quarter of 2016. Economic sentiment is at its highest level in nearly six years and unemployment is at its lowest level in nearly eight years.
Looking beyond the euro area, there are signs of a somewhat stronger global recovery and increasing global trade. So overall, as economic conditions are improving, also the risks surrounding the euro area growth outlook have become less pronounced, although they remain tilted to the downside, mainly because of global factors.