Comfy Photo Recovery 6.7 instal the new1/12/2024 ![]() ![]() Upward revisions for the euro area are of a similar magnitude, with GDP growth now expected at 1.1% and 1.6% in 20 respectively. Compared to the Winter 2023 interim Forecast,ĮU GDP growth is revised up to 1.0% in 2023 (from 0.8%) and 1.7% in 2024 (from 1.6%), virtually closing the gap with potential output by the end of the forecast horizon (see Special Issue I.4.1). The better starting position lifts the growth outlook for the EU economy for 2023 and marginally for 2024. Instead, latest data point to a smaller-than-projected contraction in the final quarter of last year and positive growth in the first quarter of this year. The Autumn 2022 Forecast had projected the EU economy to contract in the last quarter of 2022 and the first quarter of 2023. ![]() As the disruptions caused by the war in Ukraine and the energy crisis clouded the outlook for the EU economy, and monetary authorities around the world embarked on a forceful tightening of monetary conditions, a winter recession in the EU appeared inevitable last year. Over the past winter, the EU economy performed better than expected. ![]()
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