The economies of America and Japan have picked up speed recently; now the euro area seems to be following in their wake, albeit more sluggishly. After three consecutive quarters of decline, Germany's GDP rose by 0.9% at an annual rate in the third quarter of the year. France's rose by 1.6%. Growth for the euro area as a whole is likely to have been only slightly higher, well below America's stellar 7.2%. So far, this has been yet another year of disappointment for Europe. Last December the euro-area economy was widely expected to grow by 1.5% in 2003; the latest estimate from The Economist's poll of forecasters puts it at only 0.4%. In contrast, America and Japan are now forecast to grow by 2.8% and 2.6% respectively, faster than originally expected.
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