This reflected increased fiscal borrowing needs against the background of persistently subdued economic growth in the euro area . The annual growth rate of short

For starters, they reflect an economic growth problem.

Economic growth is expected to stay near potential .

They turned their farmers into manufacturing workers, diversified their economies, and exported a range of increasingly sophisticated goods.

The lagged effect of the rise in lending rates as well as the slight weakening of euro area economic growth associated with the rise in oil prices in the autumn may have contributed to this development .

Conflict Management and Economic Growth

Economic growth heals many wounds.

This development reflected the rise in general government budget deficits , which was largely linked , in turn , to weak economic growth in the euro area .

Economic growth in Central and South America , however , picked up considerably .

This difference in stock price performance was probably related to an increase in economic growth differentials between the two economies .

In China, for example, rapid economic growth after the late 1970s was associated with a significant rise in inequality.

1994 also witnessed an increasing convergence of growth rates , with , for the first time since 1989 , all Union countries simultaneously experiencing positive economic growth .

The efforts made in order to drive up the GDP per capita in Objective 1 regions do not always result in such an increase, not really a satisfying result over a period during which, certainly over the past couple of years, there has been economic growth.

Looking ahead , the conditions remain in place for economic growth to proceed .

This development stemmed mainly from a temporary deceleration in world economic growth , a further substantial increase in oil prices in the third quarter and a marked appreciation of the euro in the fourth quarter .

Accordingly , economic growth during the first half of 2007 , as a whole , was in line with potential growth .

This sharp increase in the growth of debt securities issuance in the private non MFI sector took place in an environment of weakening economic growth in the euro area and a general widening of spreads for corporate debt securities during 2001 , particularly for lower rated issuers .

Reflecting in part the global economic slowdown , annual average real GDP growth decreased in most euro area countries in 2003 compared with the year before , except for Belgium , Spain and Greece , where growth increased moderately

DEVELOPMENTS IN EURO AREA PRODUCTIVITY AND THE NEED FOR STRUCTURAL REFORMS Productivity improvements are a key determinant of economic growth and increases in real income per capita in the medium to long run .

It may be at a level which is detrimental to economic growth . 184

In Malta , following a period of solid economic growth until 2000 , output growth slowed significantly , reflecting external weakness , increased competition in Malta 's export markets and restructuring operations in the manufacturing sector .

By contrast , given the large tax burden in most euro area countries , increases in tax rates risk inducing distortions and impeding the much needed Source European Commission 's European Economic Forecast autumn 2009 .

REAL GDP GROWTH PROJECTIONS The underlying pace of euro area economic growth has been on a moderating path since 2006 .

In particular , income growth was underpinned by net employment growth .

The resilience of GDP growth to the global economic downturn can be explained by several factors .

Since 1996 economic growth has recovered and the output gap has narrowed .

stability and thereby making an ongoing contribution to sustainable economic growth and job creation .

Looking ahead , the conditions remain in place for economic growth to continue over the coming quarters .

Beyond seven years was the domain of economic growth and economic institutions.

The Web site s net contribution to economic growth may in fact be relatively small.

Since growth in labour productivity is projected to remain roughly stable , it implies an increase in unit labour cost growth .

Reflecting in part a moderation in global economic growth and trade and the rise in oil prices , average annual real GDP growth declined or remained practically unchanged in all euro area countries in 2005 compared with the year before , except in Spain , where it increased somewhat and remained relatively strong .

Strong growth in services , which account for around two thirds of value added in the euro area , was an essential factor in the high economic growth achieved last year . Industrial production recovered in 2000 As has been the case in the past few years , growth in industrial activity was significantly affected by external developments last year it recovered strongly in the first half of 2000 as world economic growth rose .

Consumption growth in the euro area should also contribute to economic growth , in line with developments in real disposable income , as continued employment growth provides supportive conditions .

In the context of moderate economic growth , this trend should continue .

Financial integration thus increases the potential for economic growth .

Concerns about the impact of the SARS virus also clouded the outlook for economic growth in East Asia .

Britain had the lead in rapid economic and population growth.

With the improvements in economic growth , determined fiscal consolidation is now even more important .

These concerns were compounded by the development of the euro exchange rate .

In the Governing Council 's view , the risks surrounding this outlook for economic growth lie on the downside .

In these circumstances , with the prospects for economic growth already worsening in the euro area prior to the terrorist attacks , downside risks to economic growth increased and inflationary pressures were expected to ease further .

It is important to explain to the general public that these reforms will progressively deliver higher growth and lead to more job creation , and that , as a result , European societies will be better off .

The euro area economy strengthened in the first half of the year , benefiting from strong global economic growth .

Asia s rise over the last few decades is more than a story of rapid economic growth.