At the same time, exports are increasing. All the crisis countries – except Cyprus – are projected to see some export growth this year, ranging from just 1/2% in Ireland to almost 6% in Portugal. These achievements are reflected in current accounts reverting more and more to positive balances. Competitiveness has also improved in most peripheral countries.
Figure 2 provides an answer showing the evolution of our projections for annual economic growth in the euro area in 2009 together with the corresponding forecasts from a range of private sector and international organisations. Observations correspond to forecasts for GDP growth in 2009 made at different points. Over the months, information is updated and the forecast horizon becomes shorter and shorter.