In the Winter interim Forecast, European commission upgraded growth projections for Eurozone in 2023 and downgraded inflation projections.
“Europe’s economy is proving resilient in the face of current challenges. We were able to narrowly avoid a recession. We are somewhat more optimistic about growth prospects and the projected decline in inflation this year,” said Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People.
“We have entered 2023 on a firmer footing than anticipated: the risks of recession and gas shortages have faded and unemployment remains at a record low,” said Paolo Gentiloni, Commissioner for Economy.
GDP growth forecasts for:
- 2023 at 0.9% (upgraded from Autumn’s 0.3%).
- 2024 at 1.5% (unchanged).
HICP inflation forecasts for:
- 2023 at 5.6% (downgraded from 6.1%).
- 2024 at 2.5% (downgraded from 2.6%).