Press conference by Olli Rehn, Vice-President of the EC, on the winter economic forecasts for 2013-2014
Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, gave a press conference on the winter economic forecasts for 2013-2014. While financial market conditions in the EU had improved substantially since summer 2012, economic activity was disappointing in the second half of 2012. However, leading indicators suggested that the Gross Domestic Product (GDP) in the EU was bottoming out and economic activity was expected to gradually accelerate. The pick-up in growth would initially be driven by increasing external demand. Domestic investment and consumption were projected to recover later in the year, and by 2014 domestic demand was expected to take over as the main driver of strengthening GDP growth.