摘要：Global economic activity remained high in the
second half of 2005. Economic growth slowed
down in the last quarter in the US and accelerated
in Japan. The economic data of the fi rst months of
2006 indicated that the decrease in economic activity
at the end of the previous year was temporary and
growth picked up pace again in the fi rst quarter.
Also the annual growth of industrial production and
retail sales increased in January and February. In the
euro area, the annual growth of industrial production
underwent a decline at the end of 2005 and
accelerated then to 2.5% by January 2006 (see
Figure 1.1). Different economic activity indices refer
to further rapid growth, especially in the euro area
where the German IFO index, for instance, rose to
the highest level since the past 15 years in March
2006. The annual global economic growth of 2006
should be 0.1 percentage point faster than in the
previous year.1
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