EU Commission revises up 2022 Eurozone GDP forecast, sees bigger slowdown in 2023

In its quarterly publication released on Friday, the European Commission projects Eurozone Gross Domestic Product (GDP) to grow 3.2% in 2022, slow down to 0.3% growth in 2023 and accelerate to 1.5% in 2024.

Key takeaways

Forecasts Eurozone unemployment at 6.8% of the workforce in 2022, rising to 7.2% in 2023 and falling again to 7.0% in 2024.

Forecasts Eurozone inflation at 8.5% in 2022, slowing to 6.1% in 2023 and to 2.6% in 2024.

Forecasts Eurozone aggregated budget deficit to fall to 3.5% of GDP in 2022, inch up to 3.7% in 2023 and fall again to 3.3% in 2024.

Forecasts Eurozone aggregated public debt to fall to 93.6% of GDP in 2022, 92.3% in 2023 and 91.4% in 2024.

Forecasts Eurozone quarterly GDP to contract in Q4 2022 and Q1 2023, return to growth in Q2 2023.