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The European Commission today projected economic growth in 2013 at 1.3 percent in the European Union and 1.0 percent in the 17 euro area countries. The euro area economy will shrink by 0.3 percent this year with a recovery forecast to set in slowly from the second half of 2012.
“A recovery is in sight, but the economic situation remains fragile, with still large disparities across Member States,” said Olli Rehn, European Commission Vice-President for Economic and Monetary Affairs and the Euro.”We are witnessing an ongoing adjustment of the fiscal and structural imbalances built up before and after the onset of the crisis, made worse by the still weak economic sentiment.
Without further determined action, however, low growth in the EU could remain. Sound public finances are the condition for lasting growth, and building on the new strong framework for economic governance, we must support the adjustment by accelerating stability and growth-enhancing policies.”