European Economic Forecast. Summer 2022

Summary:

The European Commission published on 14 July 2022 its Summer economic forecast for the European Union (EU) and the Eurozone.

Further information:

The Summer 2022 Economic Forecast shows that the war in Ukraine continue to negatively affect the economy of the European Union (EU), setting it on a path of lower growth and higher inflation compared to the previous forecast.

This forecast projects that the EU economy would grow by 2.7% in 2022 and 1.5% in 2023. Growth in the euro area was expected at 2.6% in 2022, moderating to 1.4% in 2023. Annual average inflation was projected to peak at historical highs in 2022, at 7.6% in the euro area and 8.3% in the EU, before easing in 2023 to 4.0% and 4.6%, respectively.

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News

Bloomberg, 14/07/2022: Europe’s Price Shock Will Last Longer With Less Growth, EU Says https://www.bloomberg.com/news/articles/2022-07-14/europe-s-price-shock-will-last-longer-with-less-growth-eu-says

Reuters, 14/07/2022: EU cuts euro zone growth forecasts, revises up inflation outlook https://www.reuters.com/markets/europe/eu-cuts-euro-zone-growth-forecasts-revises-up-inflation-outlook-2022-07-14/

EurActiv, 14/07/2022: Russian aggression sees euro tumble along with EU growth forecasts https://www.euractiv.com/section/economy-jobs/news/russian-aggression-sees-euro-tumble-along-with-eu-growth-forecasts/

Radio Prague, 14/07/2022: European Commission forecast raises Czech economic growth prediction https://english.radio.cz/european-commission-forecast-raises-czech-economic-growth-prediction-8755967

RTÉ News, 14/07/2022: EU cuts euro zone and Irish growth forecasts, revises up inflation outlook https://www.rte.ie/news/business/2022/0714/1310165-european-commission-cuts-growth-forecasts/

The Sofia Globe, 14/07/2022: EU summer forecast predicts Bulgaria’s economy growing by 2.8% in 2022 https://sofiaglobe.com/2022/07/14/eu-summer-forecast-predicts-bulgarias-economy-growing-by-2-8-in-2022/

Deutsche Welle, 14/07/2022: EU expects Russia's invasion of Ukraine to push inflation to record high https://p.dw.com/p/4E6Qs

The Guardian, 14/07/2022: Russian war slowing growth and hiking inflation, European Commission warns https://www.theguardian.com/business/2022/jul/14/russian-war-slowing-growth-and-hiking-inflation-european-commission-warns

Associated Press (AP News), 14/07/2022: Russia’s war to keep hitting EU economy, push up inflation https://apnews.com/article/inflation-russia-ukraine-economy-prices-dda2259a24755e269494a97ad7ab290d

Le Monde, 15/07/2022: European Commission announces gloomy economic forecast https://www.lemonde.fr/en/economy/article/2022/07/15/the-european-commission-s-gloomy-economic-forecast_5990224_19.html

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Official

European Commission: Economic Forecasts: European Economic Forecast - Summer 2022: Russia’s war worsens the outlook https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/summer-2022-economic-forecast-russias-war-worsens-outlook_en

European Commission: Press Release, 14/07/2022: Summer 2022 Economic Forecast: Russia's war worsens the outlook https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4511

European Commission: Remarks by Commissioner Gentiloni at the Summer 2022 Economic Forecast press conference (14 July 2022) https://ec.europa.eu/commission/presscorner/detail/en/speech_22_4527

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