European Commission economic forecasts (Infographic)
Loss of dynamism in European growth
GLOBAL CONTEXT OF HIGH UNCERTAINTY AND TIGHTER FINANCIAL CONDITIONS IN WHICH THE EUROPEAN COMMISSION REVISES DOWNWARD EU AND EUROZONE GROWTH FOR 2023 AND 2024
European growth 2.4 pp below global growth in 2023, with slight acceleration in 2024
After being the European economy that fell the most in 2020, Spain will grow by 2.2% y-o-y in 2023, 3 tenths of a percentage point more than estimated in May 23
In Europe, weakness in industry and loss of momentum in the services sector
Containment of inflation
INFLATIONARY PRESSURES MODERATE DUE TO THE FALL IN COMMODITY PRICES, MAINLY ENERGY, AND THE WEAKENING OF GLOBAL DEMAND FOR GOODS
Favorable inflation performance due to monetary tightening and lower commodity prices
After strong price increases in 2022, the Netherlands and Spain are expected to experience further moderation in inflation
Negative contribution of energy prices that are significantly reduced in 2023
