EU Commission revises up 2022 Eurozone GDP forecast, sees bigger slowdown in 2023
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In its quarterly publication released on Friday, the European Commission projects Eurozone Gross Domestic Product (GDP) to grow 3.2% in 2022, slow down to 0.3% growth in 2023 and accelerate to 1.5% in 2024.
European Economic Commissioner Paolo Gentiloni said, “We are approaching the end of a year in which Russia has cast the dark shadow of war across our continent once again.”
“The EU economy has shown great resilience to the shockwaves this has caused. Yet soaring energy prices and rampant inflation are now taking their toll and we face a very challenging period both socially and economically,” he said.
The quarterly forecasts failed to move the need around the Euro, as EUR/USD continues to hover near 1.0260, up 0.50% on a daily basis.
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