Owing to the appreciation of the euro, most of these countries improved their competitiveness over euro-area suppliers. By contrast, imports from other euro-area countries increased more moderately. Overall, the economic outlook for 2004 is encouraging.
From October through December, for example, the orders received by industry picked up markedly, and in the case of foreign demand the positive trend which had set in during the third quarter continued. In the final quarter of 2003, orders as a whole exceeded the third-quarter level by a seasonally adjusted 3.8%.