The European Commission expects the EU economy to grow by 0.8% in 2023

After its review, the European Commission improved its forecast of economic growth in the European Union and the Eurozone and reported that it expects 0.8% growth in the European Union and 9% in the Eurozone in 2023.

The EU economy survived the contraction in the fourth quarter of 2022 and entered 2023 better than expected. The fall in gas prices was one of the positive developments that led to the improvement in expectations about the economy of the European Union and the Eurozone. In its review, the European Commission states that the risks of economic growth are balanced despite all the uncertainties.

The general inflation, which was 9.2% in 2022 in the European Union, is expected to be 6.4% in 2023 and 2.8% in 2024. In the Eurozone, general inflation, which was 8.4% in 2022, is expected to decrease to 5.6% in 2023 and 2.5% in 2024. The European Commission expects growth of 1.6% in the EU and 1.5% in the Eurozone for 2024.