The European economy has entered its fifth year of recovery, which is reaching all EU Member States and is expected to continue this year and next.
In its Spring Economic Forecast published today, the European Commission expects euro area GDP growth of 1.7% in 2017 and 1.8% in 2018.
The European economy has entered its fifth year of recovery, which is now reaching all EU Member States. This is expected to continue at a largely steady pace this year and next.
The growth projections for the euro area are slightly up on the Winter Forecast (1.6% for 2017 and 1.8% for 2018). GDP growth in the EU as a whole is expected to remain constant at 1.9% in both years (up from 1.8% in both years in the Winter Forecast).
Today's economic forecast shows that growth in the EU is gaining strength and unemployment is continuing to decline. Yet the picture is very different from Member State to Member State. Tackling the causes of this divergence is the key challenge we must address in the months and years to come.
Unemployment continues its downward trend, but it remains high in many countries. In the euro area, it is expected to fall to 9.4% in 2017 and 8.9% in 2018, its lowest level since the start of 2009. The trend in the EU as a whole is expected to be similar, with unemployment forecast to fall to 8.0% in 2017 and 7.7% in 2018, the lowest since late 2008.
The global economy gathered momentum late last year and early this year as growth in many advanced and emerging economies picked up simultaneously. Global growth (excluding the EU) is expected to strengthen to 3.7% this year and 3.9% in 2018 from 3.2% in 2016.
European Economic Forecast – explanatory website
Press conference by Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici
11 Maj 2017