Economic ResearchPublicationsSpecialsForecast Update: USA, Euro area, Germany

Forecast Update: USA, Euro area, Germany

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USA•Weak first quarter•Government spending on the decline•Considerable uncertainty surrounding fiscal policyEuro area•Solid economic growth in the first quarter of 2011•Growth differentials in the eurozone are narrowing slightly•ECB starts a gradual retreat from its ultra-loose interest rate policyGermany•Strong economic growth in the first quarter of 2011 (+1% q-o-q)•Less dynamic development as the year progresses•Marked losses in purchasing power due to higher oil prices


, Apr 19, 2011