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Real GDP growth gained strong momentum in 2016, reaching +4% (up from +2.5% in 2015). Robust domestic demand was the main driver of growth, thanks to a strong decrease in unemployment (from 9.4% in 2009 to 5.2% in 2016) and the deflationary context (average CPI down by -0.6% in 2015 and -0.5% in 2016). Private consumption rose by +6.1% in 2016 (+4.1% in 2015) while fixed investment surged by +11% (flat in 2015). As the latter will normalize, Euler Hermes expects annual growth to slow down but remain resilient at above +3% in 2017 and 2018.

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