|Author (Corporate)||European Commission: DG Economic and Financial Affairs|
|Publisher||Publications Office of the European Union|
|Series Title||European Economy: Institutional Papers|
|Series Details||Number 187|
|Publication Date||November 2022|
The European Commission published on 11 November 2022 its Autumn economic forecast for the European Union (EU) and the Eurozone.
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.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic Governance | Situation|
|International Organisations||European Union [EU]|