European Economic Forecast. Autumn 2022

Author (Corporate)
Publisher
Series Title
Series Details Number 187
Publication Date November 2022
ISBN 978-92-76-43957-8
ISSN 2443-8014
EC KC-BC-22-024-EN-N
Content Type

Summary:

The European Commission published on 11 November 2022 its Autumn economic forecast for the European Union (EU) and the Eurozone.

Further information:

Following a strong first half of the year, the economy of the European Union (EU) entered a more challenging phase. The impact of Russia's invasion of Ukraine dent global demand and reinforce global inflationary pressures. The EU is among the most exposed advanced economies, due to its geographical proximity to the war and reliance on gas imports from Russia.

The energy crisis erodes households' purchasing power and weighing on production. Economic sentiment has fallen markedly. As a result, although growth in 2022 is set to be better that previously forecast, the outlook for the next year is significantly weaker for growth and higher for inflation compared to the previous forecast.

Source Link https://economy-finance.ec.europa.eu/publications/european-economic-forecast-autumn-2022_en
Alternative sources
  • https://economy-finance.ec.europa.eu/document/download/1a6a5006-02ae-40d2-b003-a9630a2cbd62_en?filename=ip187_en_0.pdf
  • https://doi.org/10.2765/785228
Related Links
News
Dutchnews.nl, 11/11/2022: Dutch economy will contract in Q4, EU Commission says https://www.dutchnews.nl/news/2022/11/dutch-economy-will-contract-in-q4-eu-commission-says/
Politico, 11/11/2022: EU faces winter recession as war pummels the economy https://www.politico.eu/article/eu-winter-recession-growth-euro-area-ukraine-war-invasion-inflation-energy-crisis/
Euronews, 11/11/2022: Eurozone heading into recession at the end of this year, Brussels says https://www.euronews.com/my-europe/2022/11/11/europes-record-inflation-will-peak-at-year-end-but-remain-high-in-2023-says-brussels
Bloomberg, 11/11/2022: EU Says Recession Is Here and Inflation Shock Will Linger On https://www.bloomberg.com/news/articles/2022-11-11/eu-says-recession-is-now-here-and-inflation-shock-will-linger-on
Reuters, 11/11/2022: EU exec revises up 2022 euro zone growth forecast, sees bigger slowdown in 2023 https://www.reuters.com/markets/europe/eu-exec-revises-up-2022-euro-zone-growth-forecast-sees-bigger-slowdown-2023-2022-11-11/

Official
European Commission: Economic Forecasts: Autumn 2022 Economic Forecast: The EU economy at a turning point https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/autumn-2022-economic-forecast-eu-economy-turning-point_en
European Commission: Press Release, 11/11/2022: Autumn 2022 Economic Forecast: The EU economy at a turning point https://ec.europa.eu/commission/presscorner/detail/en/ip_22_6782
European Commission: Remarks by Commissioner Gentiloni at the 2022 Autumn Economic Forecast press conference (11 November 2022) https://ec.europa.eu/commission/presscorner/detail/en/statement_22_6808

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