In its autumn report, the European Commission cuts expectations for growth of the Gross Domestic Product (GDP) in the euro area for 2023, placing them at 0.6 %, marking a decrease of 0.2 percentage points compared to the summer forecasts.

Simultaneously, the entity has revised upward the inflation outlook for next year. According to the report, inflation in the eurozone is expected to reach 3.2 % in 2023, exceeding previous projections published during the European summer by 0.3 percentage points.

Although the report highlights a downward trend in inflation, the Commission points out an upward adjustment, raising the initial estimate from 2.9 % to 3.2 %. For this year, the Commission maintains its forecast of inflation of 5.6 %.

Furthermore, it highlights that the moderation recorded in 2022, mainly attributed to the decline in energy prices, now extends across various consumption categories, beyond energy and food.

K. Tovar

Source: Bancaynegocios

(Referential image source: Guillaume Périgois, Unsplash)

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