European economy “better than expected” – EU Gentiloni SHORT

The European economy continues to show resilience despite global challenges with moderate growth in the first quarter of this year dispelling fears of a recession. That’s according to the European Commission which announced its spring economic forecast today. Lower energy prices, reduced supply problems and a strong labour market have led to a “better than expected” start to the year. GDP growth in the euro area is expected to be 1.1% this year and 1.6% in 2024.

However due to “core price pressures”, inflation has also been revised upwards to 5.8% in 2023 and 2.8% in 2024 in the euro area. Paolo Gentiloni, the European Economy Commissioner today said Russia’s “brutal invasion” of Ukraine continues to cast a shadow of uncertainty over the outlook.

Out words: remains high

Dur: 00:19