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Q114 growth was disappointing, as it came in slightly below forecast. With the exception of Germany (+0.8% QoQ) and Spain (+0.4%), the other large economies revealed a stabilisation at best (0% in France, 0.1% in Italy) and at worst marked falls (1.4% in the Netherlands and 0.7% in Portugal). Eurozone growth thus came out at 0.2%, with no acceleration compared with Q413.
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