2020 Accuracy Award Winners in our Other Regions. These projections are Growth rates for the EU and the euro area beat expectations in 2017 to reach a 10-year high at 2.4%. Employment in selected sectors (hours worked), 2020-Q2 vs. 2019-Q4, euro area 20 I.1.26. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. However, the resurgence of the pandemic in recent weeks is resulting in disruptions as national authorities introduce new public health measures to limit its spread. Regional economic forecasts. Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. GDP Growth Rate in the Euro Area averaged 0.33 percent from 1995 until 2021, reaching an all time high of 12.50 percent in the third quarter of 2020 and a record low of -11.60 percent in the second quarter of 2020. This page groups all documents and media related to the Spring 2016 economic forecast, as well as a video summarising the main findings. This indicator is measured in growth rates compared to previous year. European Countries MAP showing Recession COVID-19 Crisis and Global Lockdown. HICP inflation is expected to rebound sharply from 0.3% in 2020 to 1.5% in 2021, peaking at 2.0% in the last quarter of 2021, before dropping to 1.2% in 2022 and then increasing to 1.4% in 2023. Published in March and September, these Interim reports provide updates to the projections, analysis and policy recommendations contained in the main Economic Outlooks released in May/June and November/December. According to the Commission, the country will now contract by 6.3% in 2020, instead of 6.5%. Autumn 2020 Economic Forecast - Statistical annex, Statistical annex to European Economy Autumn 2020, General Government Data - Part I: Tables by country Autumn 2020, General Government Data - Part II: Tables by series Autumn 2020, Cyclical Adjustment of Budget Balances Autumn 2020, Box 1: Some technical elements behind the forecast, Box 2: Technical assumption on the future trading relations between the EU and the UK and model simulation of their economic impact, Box 3: The inclusion of Next Generation EU and its Recovery and Resilience Facility in the forecast, This site is managed by the Directorate-General for Communication, Press release IP/20/2021 of 5 November 2020, Autumn Economic Forecast 2020 infographic, Press conference by Commissioner Paolo GENTILONI on the Autumn 2020 Economic Forecast, Aid, Development cooperation, Fundamental rights, About the European Commission's web presence, Follow the European Commission on social media. Forecast: GDP, private consumption and investment, euro area 22 I.1.28. Autumn 2020 Economic Forecast. The economic recovery in the euro area and the European Union as a whole is now in its third year. Summer 2020 Economic Forecast: A deeper recession with wider divergences The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. The EU economy is forecast to contract by 8.3% in 2020 and grow by 5.8% in 2021. World Europe America ... European Union 37104.00 Dec/19 36700: 37200: 37900: USD. While we do not know how long the crisis will last, we know that the economic impact will be severe. The euro area economy is on track to grow at its fastest pace in a decade this year, with real GDP growth forecast at 2.2%. Detailed national accounts data revealed that Q3’s strong rebound in GDP was supported by both the domestic and external economy: Resuming business activity and unleashed pent-up consumer spending fueled domestic demand, while easing lockdowns abroad boosted exports. 2019 GDP per capita - Forecast 2020-2022 | Europe. Number of small and medium-sized enterprises (SMEs) the European Union in 2018 + Historical Data. GDP growth rate forecasts in Europe 2020-2021 + Economy. Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. Europe remains in the grip of the coronavirus pandemic. The contraction in 2020 is, therefore, projected to be significantly greater than the 7.7% projected for the euro area and 7.4% for the EU as a whole in the Spring Forecast. Trend gross domestic product (GDP), including long-term baseline projections (up to 2060), in real terms. Commission forecasts euro area growth of 1.6% and EU growth of 1.8% in 2016. It was founded in 1989 to measure consensus expectations, which are seen as macroeconomic forecast benchmarks by investment and planning managers, as well as government and public sector … In Europe’s major economies, nonessential services closed by government decree account for about one-third of output. It should continue at a modest pace next year despite more challenging conditions in the global economy. Description: Global growth is projected to rise from an estimated 2.9 percent in 2019 to 3.3 percent in 2020 and 3.4 percent for 2021—a downward revision of 0.1 percentage point for 2019 and 2020 and 0.2 for 2021 compared to those in the October World Economic Outlook (WEO). Growth in the euro area is forecast to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020. After having been on a declining trend since 2014, the public debt-to-GDP ratio is also set to rise. Published on 11 May 2017 and covering the period to the end of 2018. In the EU, it is forecast to rise from 79.4% in 2019 to around 95% this year before decreasing to 92% next year. That forecast assumes a gradual normalisation of activity, some recovery in external demand and a boost from European Union funds. Output in central Europe and the Baltic states is expected to drop by 4.4 per cent in 2020, with a recovery of 3.5 per cent seen in 2021. indicators suggests that the euro area economy has operated at between 25% to 30% below its capacity during the period of the strictest confinement. GDP growth is projected to remain strong in 2018 and 2019 by the standards of recent years. Germany witnessed likely one of the strongest contractions in the Euro area in the opening quarter of the year, with GDP falling 1.7% quarter-on-quarter after expanding 0.5% in Q4 2020. The Commission’s Spring 2020 economic forecast suggests that real GDP in 2020 will fall by 7.4% in the EU, with only a partial recovery of 6.1% expected in 2021 (European Commission 2020a). Growth in 2021 will also be slightly less robust than projected in the spring. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. COVID-19 has struck Europe with stunning ferocity. Forecast: Global economic activity, world trade and euro area export markets 22 I.1.27. This page groups all documents and media related to the Autumn 2016 economic forecast, as well as a video summarising the main findings. both the EU and the euro area. The Winter 2020 Economic Forecast projects that the European economy is set to continue on a path of steady, moderate growth. The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021. Information on the methodology and coverage of the economic forecasts published in this section. Having proven resilient to global challenges last year, the European economic recovery is expected to continue this year and next: for the first time in... Commission forecasts 2017 euro area growth of 1.5% and EU growth of 1.6% hindrances to growth and the weakening of supportive factors. As of March 2021, the gross domestic product (GDP) of the United Kingdom is expected to grow by four percent in 2021, and by a further 7.3 percent in 2022. I.1.25. The euro area economy has expanded since 2014, helped by very accommodative monetary policy, mildly expansionary fiscal policy and a recovering global economy. The Euro-area may narrow this gap over the coming months, but until then US dollar strength will continue to push EUR/USD lower. According to Eurostat’s preliminary flash estimate, GDP in the EU contracted by 0.5% (q-o-q) in the fourth quarter of 2020 (0.7% in the euro area), lower than expected in the Commission’s Autumn Forecast, but still relatively benign given the aggravation of the epidemiological situation. This page groups all documents and media related to the Autumn 2015 economic forecast. Economic Snapshot for the Euro Area. This implies that output in the European economy would barely return to pre-pandemic levels in 2022. ET For 2020 as a whole, EU GDP is forecast to contract by about 7½% before rebounding by 4% in 2021, which is some 2 percentage points less than previously forecast, and by 3% in 2022. The coronavirus pandemic represents a major shock for the global and EU economies, with very severe socio-economic consequences. More Gross domestic product outlook The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021. The Commission publishes macroeconomic forecasts for the EU and its member countries four times a year. The European economy is expected to grow for the seventh year in a row in 2019, with expansion forecast in every Member State. The Commission forecast economic growth in 19 countries sharing the euro would be 3.8% this year and the same in 2022, rallying from a 6.8% drop in 2020. GDP Growth Rate in European Union averaged 0.37 percent from 1995 until 2021, reaching an all time high of 11.70 percent in the third quarter of 2020 and a record low of -11.20 percent in the second quarter of 2020. Asia Pacific; Eastern Europe; Latin American . The European economy is now entering its fourth year of recovery and growth continues at a moderate rate, driven mainly by consumption. The print likely reflected the impact of a new wave of Covid-19 cases and associated containment measures. Projected profile of euro area GDP, autumn forecast and previous forecasts 23 I.1.29. Overall, the euro area economy is forecast to contract by about 8 ¾% in 2020 before recovering at an annual growth rate of 6% next year. The Gross Domestic Product (GDP) in European Union was worth 15592.80 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. GDP growth is projected to slow somewhat, but to remain strong by the standards of recent years. Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. Growth rates for the euro area and the EU beat expectations last year as the transition from economic recovery to expansion continues. A large majority of Member States will still have lower real GDP levels at … The Gross Domestic Product (GDP) in European Union contracted 0.40 percent in the first quarter of 2021 over the previous quarter. In annual terms, the economy shrank 3.3% in the first quarter, down from the fourth December 22, 2020. Press Release Impact of COVID-19 on the European Economy Market Trends, Size, Forecast – 2020-2026 Published: March 10, 2021 at 7:13 a.m. This page groups all documents and media related to the Winter 2016 economic forecast, as well as a video summarising the main findings. (AP Photo/Virginia Mayo, Pool) 1 of 5. In 2021 global growth is projected at 5.4 percent. However, the resurgence of the pandemic in recent weeks is resulting in disruptions as national authorities introduce new public health measures to limit its spread. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This is due to further stimulus measures announced by the German government in … The European economy is forecast to continue expanding for the seventh year in a row in 2019, with real GDP expected to grow in all EU Member States. The GDP value of European Union represents 13.39 percent of the world economy. The indicator is measured in USD at 2010 Purchasing Power Parities. This site is managed by the Directorate-General for Communication, Winter 2021 Economic Forecast: A challenging winter, but light at the end of the tunnel, Summer 2020 Economic Forecast: A deeper recession with wider divergences, Spring 2020 Economic Forecast: A deep and uneven recession, an uncertain recovery, Winter 2020 Economic Forecast: Offsetting forces confirm subdued growth, Autumn 2019 Economic Forecast: A challenging road ahead, Summer 2019 Economic Forecast: Growth clouded by external factors, Spring 2019 Economic Forecast: Growth continues at a more moderate pace, Winter 2019 Economic Forecast: growth moderates amid global uncertainties, Autumn 2018 Economic Forecast: sustained but less dynamic growth amid high uncertainty, Summer 2018 Interim Economic Forecast: Resilient growth amid increased uncertainty, Spring 2018 Economic Forecast: Expansion to continue, amid new risks, Aid, Development cooperation, Fundamental rights, About the European Commission's web presence, Follow the European Commission on social media. In the euro area, it is forecast to increase from 86% in 2019 to 102¾% in 2020 and to decrease to 98¾% in 2021. Consensus Economics collects forecasts from over 1,000 economists around the world each month. Growth is set to remain strong in 2018 and 2019, at 2.1% this year and 2% next year in The euro area and EU economies are both estimated to have grown by 2.4% in 2017, the fastest pace in a decade. Download the report, access the data source and see key predictions. The European Commission said Tuesday that it expects the EU economy to shrink 8.3% in 2020, considerably worse than the 7.4% slump predicted two … European Commissioner for Economy Paolo Gentiloni speaks during a media conference on the summer 2020 economic forecast at EU headquarters in Brussels, Tuesday, July 7, 2020. Economic growth in Europe is expected to remain modest as key trading partners' performance has slowed and some of the so far supportive factors start to wane. 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