Economic growth in the euro zone will see a modest upturn in the short term.

According to a joint forecast report, economic output in the euro area is expected to grow by 0.4% in the fourth quarter of 2016 and in the first quarter of 2017. That's up from the 0.3 percent growth in the second and third quarters of this year.

The report notes that the improvement will be driven by a slightly stronger external demand and a stabilization in private consumption growth. The report also says that the Brexit referendum is not expected to have any notable impact on trade between the Eurozone and Britain in the months ahead.