|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 77|
|Publication Date||May 2019|
The European Commission published on 3 May 2018 its Spring Economic Forecast for the European Union, Eurozone and each member state.
Growth rates for the European Union (EU) and the Euro area beat expectations in 2017 to reach a 10-year high at 2.4%. Growth was set to remain strong in 2018 and ease only slightly in 2019, with growth of 2.3% and 2.0% respectively in both the EU and the euro area.
Private consumption remained strong, while exports and investment increased. Unemployment continued to fall and remained in around pre-crisis levels. However, the economy became more exposed to external risk factors, which were strengthened and became more negative. Robust growth facilitated a further reduction in government deficit and debt levels and an improvement in labour market conditions. The aggregate deficit for the euro area was now less than 1% of GDP and was forecast to fall under 3% in all euro area Member States in 2018.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic Governance | Situation|
|International Organisations||European Union [EU]|