Ekonomické zprávy

European Commission has revised forecasts for eurozone GDP growth

The European Commission has improved its forecast for the growth of the eurozone economy for 2023 and 2024, but at the same time raised its inflation forecast.

The eurozone's GDP is now expected to grow by 1.1% in 2023 (+0.2% compared to the previous forecast presented in February) and by 1.6% in 2024 (+0.1%).

"The EU economy is doing surprisingly well in adapting to the shocks caused by the pandemic and Russia's war in Ukraine." - stated in the European Commission, adding that though timid, the expansion is set to continue in the second quarter.

Meanwhile, the European Commission expects unemployment in the eurozone to be 6.8% this year and fall to 6.7% next year. Meanwhile, the inflation forecast for 2023 was revised up to 5.8% from 5.6%. As for 2024, inflation is expected to be 2.8% (+0.3% compared to the previous forecast).

The European Commission's forecast also suggests an improvement in the state of public finances: the total budget deficit of the eurozone is expected to shrink to 3.2% of GDP this year from 3.6% last year and fall to 2.4% of GDP in 2024, well below the EU ceiling of 3.0%. In addition, further reduction of the public debt is expected: to 90.8% of GDP in 2023 and to 89.9% of GDP next year.

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