In the United States, GDP growth accelerated to almost 3 per cent at the end of 2010; the increase in consumption became more robust. Growth at similar rates is expected for the current year. For the emerging economies, the growth estimate is on the order of an average of 7 per cent this year and next.
In the euro area the German economy is providing the strongest impetus for growth, thanks to sharp increases in exports and investment in machinery and equipment. In Italy growth is running at around 1 per cent. The expansion of output is concentrated at exporters, particularly large firms, with outlets in the emerging economies.