Press conference by Olli Rehn, Vice-President of the EC, on the autumn economic forecasts for 2012-2014
Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, gave a press conference on the autumn economic forecasts for 2012-2014.
The short-term outlook for the EU economy remained fragile, but a gradual return to Gross Domestic Product (GDP) growth was projected for 2013, with further strengthening in 2014. On an annual basis, GDP was set to contract by 0.3% in the EU and 0.4% in the euro area in 2012. GDP growth for 2013 was projected at 0.4% in the EU and 0.1% in the euro area. Unemployment in the EU was expected to remain very high.
The large internal and external imbalances that built up in the pre-crisis years were being reduced, but this process continued to weigh on domestic demand in some countries, and economic activity diverged significantly across Member States.
The structural reforms undertaken should begin to bear fruit over the forecast period, while advancements in the Economic and Monetary Union (EMU) architecture continued to strengthen confidence. This should pave the way for a stronger and more evenly distributed expansion in 2014. GDP growth in 2014 was projected at 1.6% in the EU and 1.4% in the euro area.
Olli Rehn, raising his thumb up Ref:P-022078
Olli Rehn, in front of the inscription "The EU economy: sailing ... Ref:P-022078