EFTA Document EFTA01459623

5 February 2016 Focus Europe: Dark clouds. no storm yet IThe Week Ahead: Euro area • In the euro area, market focus will be on the advanced print of O4-15 GDP in the euro area, Germany and Italy. SIREN-Momentum continues to point to high 0.4% qoq for euro-area Q4 GDP. Surveys point to 0.5% while hard data are less optimistic. Our forecast for O4 GDP growth is more modest at 0.35% qoq. Hard data appear to justify our caution. We expect both German and Italian GDP to grow 0.3% qoq in Q4-15.