Forecast Update: USA, Euro area, Germany

USA• Economic momentum remained moderate in Q2• Key negative factors starting to fade• Dark clouds of uncertainty still hover over fiscal policyEuro area• Strong growth in real GDP in the first quarter• Economic recovery continues at a slower pace• Continuation of the interest rate turnaroundGermany• Slower growth momentum in the second quarter of 2011• Buoyant consumption• Ongoing investment backlog

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