The European Commission revised its growth forecasts for the bloc's economy in May 2023. The EU is expected to grow by 1% in 2023, compared to the previous winter forecast of 0.8%. For 2024, the revised forecast indicates a growth rate of 1.7%, up from the previous projection of 1.6%. Similarly, the EA forecasts were adjusted to 1.1% for this year (vs 0.9%) and 1.6% for 2024 (vs 1.5%). Specifically, the German economy is projected to expand by 0.2% in 2023 and 1.4% in 2024. In terms of inflation, the Euro Area's forecasts were revised upwards. The projected inflation rate for 2023 is now 5.8%, an increase from the previous estimate of 5.6%. For 2024, the forecasted inflation rate is 2.8%, up from 2.5%. It is worth noting that the core inflation rate likely peaked in the first quarter and is anticipated to average 6.1% for this year before decreasing to 3.2% in 2024. The European Commission emphasized that as inflation remains high, financing conditions are expected to tighten further. source: EUROSTAT

Full Year GDP Growth in Euro area averaged 1.48 percent from 1996 until 2022, reaching an all time high of 5.30 percent in 2021 and a record low of -6.10 percent in 2020. This page includes a chart with historical data for Euro Area Full Year GDP Growth. Euro Area Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

Full Year GDP Growth in Euro area is expected to reach 0.60 percent by the end of 2023, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Full Year GDP Growth is projected to trend around 1.50 percent in 2024 and 1.80 percent in 2025, according to our econometric models.

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Euro Area Full Year GDP Growth



Related Last Previous Unit Reference
GDP Growth Rate -0.10 -0.10 percent Mar 2023
GDP Annual Growth Rate 1.00 1.80 percent Mar 2023
GDP 14563.28 13085.48 USD Billion Dec 2021
GDP Growth Annualized 0.30 -0.20 percent Mar 2023

Euro Area Full Year GDP Growth
The Euro Area is the second largest economy in the world. Of the 19 member states it includes, the biggest are: Germany (29 percent of total GDP), France (20 percent), Italy (15 percent) and Spain (10 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (20 percent). Exports of goods and services account for 47 percent of GDP while imports account for 43 percent, adding 4 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
3.50 5.30 5.30 -6.10 1996 - 2022 percent Yearly
NSA

News Stream
EU Revises GDP and Inflation Forecasts Higher
The European Commission revised its growth forecasts for the bloc's economy in May 2023. The EU is expected to grow by 1% in 2023, compared to the previous winter forecast of 0.8%. For 2024, the revised forecast indicates a growth rate of 1.7%, up from the previous projection of 1.6%. Similarly, the EA forecasts were adjusted to 1.1% for this year (vs 0.9%) and 1.6% for 2024 (vs 1.5%). Specifically, the German economy is projected to expand by 0.2% in 2023 and 1.4% in 2024. In terms of inflation, the Euro Area's forecasts were revised upwards. The projected inflation rate for 2023 is now 5.8%, an increase from the previous estimate of 5.6%. For 2024, the forecasted inflation rate is 2.8%, up from 2.5%. It is worth noting that the core inflation rate likely peaked in the first quarter and is anticipated to average 6.1% for this year before decreasing to 3.2% in 2024. The European Commission emphasized that as inflation remains high, financing conditions are expected to tighten further.
2023-05-15
European Commission Revises Up GDP Forecasts
The European Commission noted that the EU economy entered 2023 on a better footing than projected in autumn and lifted the growth outlook for this year by 0.6 pps to 0.9% in the Euro Area, which is now set to narrowly avoid the technical recession that was anticipated for the turn of the year, as wholesale gas prices have fallen well below pre-war levels while the labour market has continued to perform strongly, the Winter 2023 Economic Forecast showed. All countries in the Euro Area are set to grow in 2023, with Germany expected to expand 0.2%, France 0.6% and Italy 0.8%. Meanwhile, the inflation forecast has been revised slightly downwards compared to autumn, mainly reflecting developments in the energy market. Headline inflation is forecast to fall to 5.6% in 2023 from 8.4% in 2022 and to 2.5% in 2024. The Commission added that risks to growth are broadly balanced and those to inflation remain largely linked to developments in energy markets.
2023-02-13
Economic Outlook in the Euro Area Worsens
Russia's war against Ukraine continues to negatively affect the European economy, setting it on a path of lower growth and higher inflation, the European Commission (EC) said in its Summer 2022 Economic Forecast. The EC lowered its growth forecasts for the Euro Area to 2.6% in 2022 and 1.4% in 2023, down from 2.7% and 2.3% respectively in the Spring forecasts. On the price front, inflation is seen at a record of 7.6% this year before easing to 4% in 2023. Figures compare with 6.1% and 2.7% respectively in the previous outlook. The Euro Area economy expanded by a record 5.3% in 2021, following a 6.4% contraction in 2020.
2022-07-14