European Commission predicts 2.9% growth rate for 2015

The European Commission expects a return to growth in Greece, starting with a 0.6% rate at the end of 2014, followed by a…

The European Commission expects a return to growth in Greece, starting with a 0.6% rate at the end of 2014, followed by a 2.9% rate in 2015 and 3.7% rate in 2016.

Meanwhile the EC’s growth rates for the Eurozone are 0.8% for 2014, 1.1% for 2015 and 1.7% in 2016, while the rates for the EU are 1.3% in 2014, 1.5% in 2015 and 2% in 2016.

Regarding unemployment, the European Commission predicts that from 27.5% in 2013 the rate will drop to 26.8% in 2014, revising its div from May, when it made a 26% prediction. Similarly, the Commission announced that it expects a 25% rate in 2014 (from an initial 24.6% prediction) and 22% in 2016.

Furthermore the fiscal deficit is expected to drop from -12.2% GDP in 2013 to -1.6% in 2014, -0.1% in 2015 and 1.3% in 2016. The public debt is expected to drop from 175.5% GDP in 2014 to 168.8% in 2015 (revised from 171.1% in May) and 157.8% in 2016.

The -1% rate of deflation from 2013 is expected to increase to 0.3% in 2015 and 1.1% in 2016, while the rates in the Eurozone are expected to be 0.5% in 2014, 0.8% in 2014 and 1.5% in 2016. The divs for the EU are 0.6%, 1% and 1.6% respectively.

Finally, the European Commission is pleased with investments increased from -4.6% in 2013 to 4.5% in 2014, followed by projected rates of 11.7% in 2015and 15% in 2016.

The European Commission’s Autumn 2014 economic forecast is available online.

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