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 2013-2015.
Growth in the second half of 2013 was expected at 0.5 % compared to the same period in 2012 in the EU. On an annual basis, real GDP growth this year was estimated at 0.0 % in the EU and -0.4 % in the euro area. Looking ahead, economic growth was forecast to gradually gather pace over the forecast horizon, to 1.4 % in the EU and 1.1 % the euro area in 2014, reaching 1.9 % and 1.7 % in 2015, respectively.
Internal and external adjustment in Europe was continuing, underpinned in many cases by the significant structural reforms and fiscal consolidation implemented in recent years. This has improved the conditions for domestic demand to gradually become the main engine of growth in Europe. However, against the background of a weakened outlook for emerging market economies, the return to solid growth would be a gradual process.
Olli Rehn, on the right, and Simon O’Connor, his Spokesperson