Growth in Western Europe has continued to slow but the North American recovery appears more firmly based.
Activity has slowed further in Western Europe and Japan, while the recovery in North America seems to have become more soundly based. For the major six overseas industrialised countries as a whole, these movements have partly offset each other: GDP grew by around 0.3% in the fourth quarter of 1992, and by 1,1/2% compared with a year earlier.
The international environment