European Commissioner for Economy Paolo Gentiloni presented on Monday the summer economic forecast, which revised down the European Union's growth to 0.8% in 2023 from 1% in the spring forecast, while growth in the euro area was revised down to 0.8% from 1.1%. The projections for 2024 were lowered as well, to 1.4% from 1.7% in the EU and 1.3% from 1.6% in the Eurozone.
Inflation expectations for 2023 have been lowered from 6.7% to 6.5% for the EU and to 5.6% from 5.8% in the euro area. In 2024, EU inflation is projected to stand at 3.2%, compared to 3.1% in the spring forecast, and Eurozone inflation is expected to reach 2.9% compared to 2.8% previously.
