The economic outlook The economic upswing is becoming increasingly solid and continues to broaden across sectors and countries. Real GDP in the euro area has expanded for 16 consecutive quarters, growing by 1.7% year-on-year during the first quarter of 2017. Unemployment has fallen to its lowest level since 2009.
Consumer and business sentiment has risen to a six-year high, supporting expectations of a further strengthening of growth in the coming months. Downside risks to the growth outlook are further diminishing, and some of the tail risks we were facing at the end of last year have receded measurably.