The EU executive arm said economic growth in the 20 countries using the euro was likely to be 0.9% this year, rather than the 0.3% predicted last November
Euro zone economic growth is likely to be stronger than previously expected this year while inflation will lower than in forecasts towards the end of 2022, the European Commission said on Monday.
The single currency area will narrowly avoid the technical recession that the Commission expected three months ago, as growth in the last three months of 2022 was 0.1 per cent quarter-on-quarter and the Commission expects a 0.0 per cent figure in the first three months of 2023. “Domestic demand could turn out higher than projected if the recent declines in wholesale gas prices pass through to consumer prices more strongly and consumption proves more resilient,” it said.
The Commission said external demand could turn also out to be more robust following China’s reopening – which could, however, fuel global inflation, but that risks to inflation were largely linked to developments in energy markets.
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