Euro area Q4 GDP: a mixed bag

The euro area continued to grow moderately at the end of last year, defying expectations of a small contraction of economic activity. The details available so far, however, point to a weak underlying momentum with consumption likely to have declined. Our forecast is under review and we will publish later this week our updated growth figures for the euro area , which will show broadly stagnating growth during the first half of this year , before a more genuine recovery sets in.