(ANSA-AFP).
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(ANSA-AFP) - BRUSSELS, MAY 15 - Europe's economy rode out the
energy price crisis triggered by Russia's war on Ukraine with
better than expected economic growth, Brussels said Monday, as
it boosted its forecast. The European Commission revised upwards
its 2023 economic outlook, but also warned that inflation
remains higher than hoped, maintaining pressure for higher
interest rates. The commission raised its 2023 growth outlook by
0.2 points to 1.1 percent for the 20-country eurozone single
currency bloc, and to 1.0 percent for the EU as a whole. It also
raised the 2024 growth forecast for the eurozone by 0.1 points
to 1.6 percent. "The European economy is in better shape than we
projected last autumn," the EU commissioner for the economy,
Paolo Gentiloni, said in a statement. "Thanks to determined
efforts to strengthen our energy security, a remarkably
resilient labour market and easing supply constraints, we
avoided a winter recession and are set for moderate growth this
year and next." The eurozone inflation forecast has also been
revised higher, the forecast rising 5.8 percent in 2023 compared
to 5.6 percent in the previous outlook last last year.
(ANSA-AFP).
(ANSA-AFP).
