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What factors will drive economic growth in the euro area in 2016?

Economic growth in the euro area this year has been supported by strong tailwind factors, including exchange rate depreciation, low oil prices and quantitative easing (QE) by the ECB. The impact of these factors on the GDP growth rate in 2016, however, is projected to subside, and other factors are expected to come into play. This box provides a rough quantification of the different factors affecting growth in 2016 based on simulations with the Commission’s QUEST model and a growth accounting exercise with a new estimated macro model.

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