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Market consensus expectations for real GDP growth rates in the EU and eurozone through 2023 look increasingly unrealistic.
For the eurozone, our updated real GDP forecasts of 2.5% and 1.5% for 2022 and 2023 also remain below the market consensus expectations of 2.8% and 2.0%, respectively.
A declining trend is already becoming apparent in many sentiment surveys (consumer-driven services excepted).