Economic outlook: Europe

Article Abstract:

The 15 member states of the European Union saw real GDP up by 0/5% in the first three months of 1996, with exports and private consumption contributing to the upturn. There was a strong second quarter upturn in Germany helped by contributions from the external sector and growth in 1997 should rise to 2.5%. Activity in the French economy was affected by public sector strikes in the last quarter of 1995 and industrial production figures continue to be weak. The Italian economy was weak during the first half of 1996 with consumption depressed by tax increases and the fall in real incomes. However inflation is down and further falls are expected.

Europe

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Economic outlook: Japan

Article Abstract:

The Japanese economy was the fastest growing major economy in the first half of 1996, with GDP up by 2.9% in the first quarter, mostly due to the combined fiscal and monetary policy effects. Growth is expected to reach 3.8% driven by domestic demand, although growth is forecast to slow in 1997 due to tighter fiscal policies and a fall in government investment. Unemployment is expected to stay at a low level by international standards, but will rise gradually during the next three years.

Japan

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