European Economic Forecast. Spring 2023

Author (Corporate)
Series Title
Series Details Number 200
Publication Date May 2023
ISBN 978-92-76-61649-8
ISSN 2443-801
EC KC-BC-23-007-EN-N
Content Type ,


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

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The report shows the resilience of the EU's economy in a challenging global context. Lower energy prices, abating supply constraints and a strong labour market moderated growth in the first quarter of 2023, dispelling fears of a recession. This better-than-expected start to the year lifts the growth outlook for the EU economy to 1.0% in 2023 and 1.7% in the following year. Upward revisions for the Euro area are of a similar magnitude, with GDP growth now expected at 1.1% and 1.6% respectively. On the back of persisting core price pressures, inflation has also been revised upwards compared to the previous report, to 5.8% in 2023 and 2.8% in the following year in the Euro area.

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The Guardian, 15/05/2023: European economy expected to grow faster than forecast, says EU
Associated Press (AP News), 15/05/2023: Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes
Reuters, 15/05/2023: EU exec sees stronger 2023, 2024 euro zone growth, but higher inflation
RTÉ News, 15/05/2023: European Commission sees 'solid' Irish economic growth this year and next
Bloomberg, 15/05/2023: Euro-Zone Inflation Outlook Raised by EU on Surge in Core Prices
Euronews, 15/05/2023: Falling energy prices boost EU's growth outlook, Commission says
The Irish Times, 15/05/2023: Former bailout countries lead EU growth
Le Monde, 16/05/2023: European Commission forecasts positive economic growth for 2024

European Commission: Economic Forecasts: Spring 2023 Economic Forecast: an improved outlook amid persistent challenges
European Commission: Press Release, 15/05/2023: Spring 2023 Economic Forecast: An improved outlook amid persistent challenges
European Commission: Remarks by Commissioner Gentiloni at the press conference on the Spring 2023 Economic Forecast (15 May 2023)
Portuguese Government: News, 15/05/2023: Portuguese Economy expected to grow double that of the Euro Area
Slovenian Government: News, 15/05/2023: The European Commission has enhanced the economic growth forecast for Slovenia

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