European Economic Forecast. Autumn 2023

Summary:

The European Commission published on 15 November 2023 its Autumn economic forecast for the European Union (EU) and the Eurozone.

Further information:

The report shows that the European Union's economy has lost momentum in 2023 against the background of a high cost of living, weak external demand and monetary tightening. While economic activity was expected to gradually recovery going forward, the European Commission forecast revised the EU's GDP growth down compared to its summer projections. Inflation was estimated to have dropped to a two-year low in the Euro area in October and was set to continue declining over the forecast horizon.

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News

Politico, 15/11/2023: High interest rates have hit growth more than expected, EU says https://www.politico.eu/article/high-interest-rates-growth-eurozone-inflation-climate-change-war-eu/

Associated Press (AP News), 15/11/2023: Economy has lost momentum during a tough year, EU commission says and warns of risk from Mideast https://apnews.com/article/europe-eurozone-inflation-economy-e592d71587147d807b0962907b96f4c3

Bloomberg, 15/11/2023: Euro Area to Avoid Recession as Inflation Retreats, EU Says https://www.bloomberg.com/news/articles/2023-11-15/euro-area-to-avoid-recession-as-inflation-retreats-eu-predicts

Euronews, 15/11/2023: Brussels cuts EU growth forecast again to just 0.6% this year https://www.euronews.com/my-europe/2023/11/15/brussels-cuts-eu-growth-forecast-again-to-just-06-this-year

Reuters, 15/11/2023: German economy to resume growth after 2023 contraction -EU Commission https://www.reuters.com/markets/europe/german-economy-resume-growth-after-2023-contraction-eu-commission-2023-11-15/

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Official

European Commission: Economic Forecasts: Autumn 2023 Economic Forecast: A modest recovery ahead after a challenging year https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/autumn-2023-economic-forecast-modest-recovery-ahead-after-challenging-year_en

European Commission: Press Release, 15/11/2023: Autumn 2023 Economic Forecast: A modest recovery ahead after a challenging year https://ec.europa.eu/commission/presscorner/detail/en/ip_23_5743

European Commission: Remarks by Commissioner Gentiloni at the press conference on the Autumn Forecast 2023 (15 November 2023) https://ec.europa.eu/commission/presscorner/detail/en/statement_23_5808

European Commission: News, 15/11/2023: Inflation forecast to drop further and EU economy to show modest upturn https://commission.europa.eu/news/inflation-forecast-drop-further-and-eu-economy-show-modest-upturn-2023-11-15_en

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