Eurozone to pick up in second half

In the first half of 2003, particularly in the run up to the Iraqi war, there were signs of weakness in the Continental European economy; business and consumer sentiment was weak, unemployment rose and demand was soft. Economic growth in Germany was negative in Q1, and data may show there was little growth across the eurozone during the first half of 2003. The fall of the US dollar versus the euro did not help matters, and we are not expecting the dollar to strengthen much in the near term. Although eurozone economic conditions are likely to improve in the second half of 2003 as the econ...