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The 0.5% fall in European GDP in the fourth quarter of last year was both below consensus expectations and a disappointment to the markets, leading economists and analysts to revise down their forecasts for 2013 and, in some instances, for 2014. For the five previous quarters, net exports have been almost the only positive contributor to output growth, but they failed to fulfil that role in the final quarter of the year.
Source : AXA Real Estate
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