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EU Raises Growth Forecast
The European Commission, which in February predicted 1.5% growth in the EU26 this year, now expects the region's economy to expand 1.6% in 2014.
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The European Commission, which in February predicted 1.5% growth in the EU26 this year, now expects the region's economy to expand 1.6% in 2014.
The commission also forecasts unemployment in the EU will decline from 10.5% in March to 10.1% this year.
The EC says conditions point to a "muted but continuing" recovery for the EU, with 1.6% growth in gross domestic product this year and 2% in 2015. The commission anticipates real GDP growth within the 18-member eurozone of 1.2% in 2014 and 1.7% next year.
The EC expects inflation in the eurozone to slow to 0.8% this year the same as in 2013 from the 1.0% it forecast in February, then increase to 1.2% next year. The commission says inflation for the EU will be 1% this year and 1.5% in 2015.
The International Monetary Fund has warned that a sub-1% inflation rate threatens the region with dangerous deflation. But the EC says conditions for a sustained recovery in the medium term are improving.
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