The EU economy is set to further consolidate its gradual recovery, with prospects for 2011 looking slightly better than projected in the autumn. GDP is projected to grow by around 1¾% this year and by close to 2% in 2012. This outlook is supported by better prospects for the global economy and overall upbeat EU business sentiment. Inflation, however, is rising faster, reflecting the increase in commodity prices.. Headline inflation is projected to average almost 3% in the EU and 2½% in the euro area this year, before easing to about 2% and 1¾% respectively in 2012. Meanwhile, labour-market conditions are expected to slowly improve over the forecast horizon. The unemployment rate is projected to fall by ½ percentage point to a little over 9% and to 9 ¾ % in the EU and the euro area by 2012. Fiscal consolidation is progressing, with the public deficit set to decline to about 3¾% of GDP by 2012. The prospects continue to vary considerably for individual Member States, however.
“In spring 2011, the European economic recovery is progressing. Almost four years after the sub-prime crisis in the US triggered the global financial crisis and almost two years after the exceptionally deep recession ended, the economy is approaching its pre-crisis level in terms of output. Following the initial push from the extraordinary policy measures, external demand, and the inventory cycle, the recovery now shows signs of a broadening across components. Private domestic demand is contributing more strongly, although it is – particularly in 2011 – subject to additional constraints due to higher inflationary pressures.”
Directorate-General for Economic and Financial Affairs
The Directorate-General for Economic and Financial Affairs (DG ECFIN) reports to the Commissioner for Economic and Monetary Affairs. It strives to improve the economic wellbeing of the citizens of the EU - through policies designed to promote sustainable economic growth, a high level of employment, stable public finances and financial stability.
The current priority is to ensure the European economy emerges quickly and strongly from the economic and financial crisis.
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