The Autumn 2017 Economic Forecast shows that the euro area economy is on track to grow at its fastest pace in a decade this year, with real GDP growth forecast at 2.2%. This is substantially higher than expected in spring (1.7%). The EU economy as a whole is also set to beat expectations with robust growth of 2.3% this year (up from 1.9% in spring). The Commission expects growth to continue in both the euro area and in the EU at 2.1% in 2018 and at 1.9% in 2019.
Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said: “The time to repair the roof is when the sun is shining. We should use these good economic times to further strengthen the resilience of both Europe’s Economic and Monetary Union and individual countries.”
Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “After five years of moderate recovery, European growth has now accelerated. We see good news on many fronts, with more jobs being created, rising investment and strengthening public finances. Yet challenges remain in the form of high debt levels and subdued wage increases. A determined effort from Member States is needed to ensure that this expansion will last and that its fruits are shared equitably. Moreover, structural convergence and the strengthening of the euro area are necessary to make it more resilient to future shocks and to turn it into a true motor of shared prosperity. The coming weeks will be decisive on this front.”
The full Autumn 2017 Economic Forecast is available here
