(09 November 2017) – According to its Autumn Forecast released today, the European Commission expects growth to continue in both the euro area and in the EU.
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 European economy has performed significantly better than expected this year, propelled by resilient private consumption, stronger growth around the world, and falling unemployment.
Investment is also picking up amid favourable financing conditions and considerably brightened economic sentiment as uncertainty has faded.
The economies of all Member States are expanding and their labour markets improving, but wages are rising only slowly.