view of the deterioration of the labour market and the fall in inflation . Looking ahead , wage growth is projected to remain moderate .

Incoming macroeconomic data continue to point to moderate but ongoing real GDP growth .

Incoming macroeconomic data continue to point to moderate but ongoing real GDP growth .

Incoming macroeconomic data point to moderating but ongoing real GDP growth .

This assessment was confirmed by the relatively moderate growth of credit in 2002 .

moderated

Slow

Looking further ahead , the conditions remain in place for moderate economic growth to continue .

This worsening reflects the protracted deterioration of the primary surplus and the moderate growth of nominal GDP .

Low economic growth in 2002 resulted from a clustering of adverse shocks which contributed towards an increase in uncertainty and reduced expectations of a rapid recovery .

As a result , unit labour cost growth is projected to remain contained in both 2004 and 2005 .

Residential private investment is projected to continue to grow at moderate rates over the horizon .

Growth in nominal compensation per employee is assumed to remain moderate over the horizon .

Wage increases remain contained , against the background of ongoing moderate economic growth and weak labour markets .

The strong overall issuance activity by the private non MFI sector was supported by a further improvement in financing conditions and improved business confidence in the course of 2003 ( see Box 2 ) .

Looking ahead , the Governing Council expects the euro area economy to grow at a moderate pace in 2010 .

Despite two recent lackluster employment reports, there are many reasons to expect that growth will accelerate in 2014.

Second , the growth in nominal compensation per employee is assumed to remain moderate over the horizon .

The latest information on economic activity also underpins previous expectations of moderate but ongoing growth in the first quarter of 2008 .

Private consumption growth is also expected to be subdued in the period ahead , but much less so than growth in other demand components .

Over recent quarters , wage increases have remained moderate . In the context of moderate economic growth , this trend should continue .

Second , the growth in nominal compensation per employee is assumed to remain moderate over the horizon .

For the fourth successive year , net trade in goods and services provided a positive , albeit small , stimulus to growth , underpinned by subdued growth in relative unit labour costs and , as a result , improvements in competitiveness . The rise in domestic demand was linked to an improvement in investment growth and an increase in stockbuilding , while growth in private consumption was unchanged and government consumption was weaker than in 1996 .

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The economic fundamentals of the euro area are sound , and incoming macroeconomic data continue to point to moderate but ongoing real GDP growth .

Monetary and credit expansion is due partly to the moderate level of interest rates and solid economic growth .

As productivity growth is projected to remain roughly stable , this implies a projection of moderately increasing unit labour cost growth over the horizon .

Annual growth in unit labour costs in the economy as a whole was somewhat higher than in the previous year , although it remained moderate .

The Governing Council expects the euro area economy to expand at a moderate pace in 2010 , but growth patterns could be uneven in an environment of unusually high uncertainty .

At the same time , the projections are based on the expectation that wage growth will remain moderate and increase only marginally towards the end of the projection period .

Starting with the economic analysis , recent indicators of economic activity in the euro area have , on balance , confirmed that growth has remained subdued .

In general , they point to ongoing economic growth at a moderate pace over the short term , with no clear signs as yet of a strengthening in underlying dynamics .

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Overall , the Governing Council expects the euro area economy to expand at a moderate pace in 2010 , in an environment of uncertainty , with the growth pattern possibly being uneven owing to a number of special factors .

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The growth in households real disposable income is projected to increase in 2005 from a subdued level in 2004 , supported by stronger employment growth and by higher real wage incomes .

For these reasons , the euro area economy is expected to grow only at a moderate pace in 2010 and the recovery process could be uneven .

As a result of these developments in wages and productivity , unit labour cost growth is projected to remain contained in both 2005 and 2006 .

The still low growth rates continue to support the assessment that the underlying pace of monetary expansion is moderate and that inflationary pressures over the medium term are contained .

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