Highly accommodative macroeconomic conditions have generated only modest growth in the presence of remaining structural impediments. In 2015, low interest rates, a weak euro, and low oil prices remained largely in place, allowing growth to reach 1.5 percent. However, the consumption-driven recovery is losing momentum as the savings rate reaches historic lows, the rapid decline in the unemployment rate comes to an end, and improvements in high-frequency indicators taper off. GDP is projected to expand by 1.4 percent this year and moderate to 1.2 percent over the medium term.