EFTA Document EFTA01459618

5 February 2016 Focus Europe: Dark clouds, no storm yet The euro area composite PMI is in line with euro area GDP growth of around +0.4% qoq as we move into 2016, consistent with our expectation for O1 (Figure 4). The surveys are broadly in line with our Q1 expectations across the EMU4 countries, with the exception of the weak French PMI, although the French INSEE survey is more positive (see below for more details). iFigure 01 2015 GDP outlook Country Composite PMI` Nino* Suneys,` 0