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In the first quarter of 2016, the number of people employed increased by 0.3 percent in the Euro Area compared to the last quarter of 2015. The modest but positive evolution in the labor market continued to strengthen domestic demand and pushed output growth up. In the first quarter of 2016, GDP growth in the Euro Area is estimated at +1.7 percent on an annual basis. The moderate optimism, however, has rapidly vanished as a consequence of the unexpected result of the referendum in the UK on June 23.