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Free AccessMNI: EU Commission '18 GDP, Infla Forecast Eurozone Unchanged
--Spreing Economic Forecasts In Line With Feb Survey
LONDON (MNI) - The European Commission has left its 2018 and 2019 forecasts
for euro area growth and inflation unchanged in the latest economic forecasts.
In its Spring economic forecasts, the Commission said Eurozone growth will
likely be 2.3% this year, in line with the 2.1% forecast in February. For 2019,
euro area growth should come in at 2.0%, the EC said, also unchanged from the
October forecast.
Euro area inflation is expected to average 1.5% this year, matching the
October forecast, then rise to 1.6% in 2019, again as forecast in February.
The Commission said that the European economy has performed significantly
better than expected this year, propelled by resilient private consumption,
stronger growth around the world, and falling unemployment.
"Growth rates for the EU and the euro area beat expectations in 2017 to
reach a 10-year high at 2.4%. Growth is set to remain strong in 2018 and ease
only slightly in 2019, with growth of 2.3% and 2.0% respectively in both the EU
and the euro area," the statement said.
"Europe continues to enjoy robust growth, which has helped drive
unemployment to a ten-year low. Investment is rising and public finances are
improving, with the deficit in the euro area set to drop to just 0.7% of GDP
this year," Economic and Financial Affairs chief Pierre Moscovici said in a
statement
"The biggest risk to this rosy outlook is protectionism, which must not
become the new normal: that would only hurt those of our citizens we most need
to protect," he added.
The EC upped the UK 2018 GDP outlook to 1.5% from February's 1.4%, with
2019 forecast upped to 1.2% from 1.1%. The EC said assumptions made in making UK
forecasts were made on a purely technical assumption of status quo, which had no
bearing on the current Article 50 process.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$B$$$,M$E$$$,M$X$$$,MI$$$$,MT$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.