European Economic Forecast. Autumn 2022

Author (Corporate)
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


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

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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.

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News, 11/11/2022: Dutch economy will contract in Q4, EU Commission says
Politico, 11/11/2022: EU faces winter recession as war pummels the economy
Euronews, 11/11/2022: Eurozone heading into recession at the end of this year, Brussels says
Bloomberg, 11/11/2022: EU Says Recession Is 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

European Commission: Economic Forecasts: Autumn 2022 Economic Forecast: The EU economy at a turning point
European Commission: Press Release, 11/11/2022: Autumn 2022 Economic Forecast: The EU economy at a turning point
European Commission: Remarks by Commissioner Gentiloni at the 2022 Autumn Economic Forecast press conference (11 November 2022)

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