EA and EU Economic Snapshot
Economic Survey of the European Union and the Euro Area (6 September 2023)
The European recovery has been disrupted since the onset of Russia’s war of aggression against Ukraine. Co-ordinated and timely policy action helped avoid a severe downturn, but the near-term outlook is clouded by uncertainty and downside risks.
Presentation
Executive Summary
Video
Further reading
- Press release l Communiqué de presse
- Accelerating the EU’s green transition, blog post
- Read the 2023 survey
- Access the previous surveys for the European Union l Euro Area
Economic Forecast Summary (June 2023)
Economic Outlook Note - Euro area
GDP growth is projected to slow to 0.9% in 2023 and then gradually strengthen to 1.5% in 2024. Private consumption will be supported by strong labour markets, but higher costs of financing and uncertainty will weigh on private investment. The tight labour market will continue to fuel wage growth in 2023, before wages start gradually easing in 2024. Lower energy and food prices will help reduce headline inflation in 2023, but core inflation will remain elevated.
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Prospettive economiche - Zona euro
Secondo le previsioni, la crescita del PIL subirà un rallentamento fino a raggiungere lo 0,9 % nel 2023 per poi rafforzarsi gradualmente e risalire all'1,5 % nel 2024. I consumi privati saranno sostenuti dalla solidità dei mercati del lavoro, ma l'aumento dei costi di finanziamento e l'incertezza graveranno sugli investimenti privati. Le condizioni tese del mercato del lavoro continueranno ad alimentare la crescita dei salari nel 2023, che inizierà a diminuire gradualmente nel 2024.
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Leggi la nota completa sul paeseReform Priorities (April 2021)
Going for Growth 2021 - European Union
In light of the COVID-19 crisis, the top immediate policy priority is to ensure efficient use of Next Generation EU, a recovery plan combining loans and grants of about 5.5% of EU27 2019 GDP to support member states’ recovery policies. Successful roll-out and implementation of this support will be crucial to reinvigorate economic growth across the European Union, boost digitalisation and innovation, bolster resilience to future shocks and achieve climate and inclusiveness objectives.
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Read full country note2021 Structural Reform Priorities
- R&D and digitalisation: Increase investment in R&D and promote the diffusion of new technologies
- Competition and regulation: Reduce fragmentation in service and network sectors
- Environmental policy: Accelerate decarbonisation and green innovation
- Labour market: Ease the recognition of qualifications and protect migrants’ rights
- Agriculture: Make producer support more environment-friendly and less distortive