Euro-zone economic outlook

The Eurozone GDP would appear to have increased by +0.4% in Q4 2016 and is expected to keep growing at the same pace over H1 2017.

The economic activity should be driven by steady growth in private consumption and public spending.

Favourable labour market conditions as well as increasing nominal wages are expected to buoy up disposable income, despite an upturn in inflation which slowly erodes purchasing power.

Moreover, investment should become slightly more dynamic, based on the continuously good financing conditions. The global economy recovery, from both advanced economies and emerging countries, should also foster external demand.