Spring 2023 Economic Forecast

Spring 2023 Economic Forecast

The European economy continues to show strong growth. According to the European Commission (EC), in the I quarter. 2023, the region's GDP grew by 0.3%.

It is expected that GDP growth in 2023 will be 1.1%, in 2024 - 1.6%. Decreasing energy prices, easing supply restrictions and a recovery in the labor market are key drivers of positive economic momentum. Thus, in March 2023, the unemployment rate in the EU reached a record low of 6%.

According to experts, in the I quarter. In 2023, headline inflation also continued to decline amid a sharp slowdown in energy prices. However, core inflation (headline inflation excluding energy and non-processed food) remains high at 7.6%. Core inflation is expected to be 6.7% in 2023 and 3.1% in 2024.

Diversification of energy supplies and reduction in consumption have given an additional impetus to the development of renewable energy. Economic growth, combined with the lifting of restrictive measures related to the COVID-19 pandemic, contributed to the reduction of the EU state budget deficit in 2022 to 3.4% of GDP.

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