- Economy has been surprising us quarter after quarter
- Q4 in Europe will be mostly likely still positive
- Maybe we'll also be surprised in the first half of this year
Even if the euro area manages to avoid negative growth in the final quarter of last year, it would be at the margin I would say. The PMI data suggested that the economy did contract by 0.2% but all things considered, it could've been much worse for Europe had it not been a less harsh winter this time around.
