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EU foresees continuation of economic recovery

English.news.cn   2014-02-25 22:07:17

BRUSSELS, Feb. 25 (Xinhua) -- The European Commission in latest economic forecast issued Tuesday foresaw a continuation of the economic recovery in most European Union (EU) Member States and in the EU as a whole.

Following real gross domestic product (GDP) growth of 1.5 percent in the EU and 1.2 percent in the euro area in 2014, activity is seen accelerating in 2015 to 2.0 percent in the EU and 1.8 percent in the euro area, the commission said.

These figures each represent an upward revision of 0.1 percentage points compared with the autumn 2013 forecast.

"Recovery is gaining ground in Europe, following the return to growth in the middle of last year, " Olli Rehn, Commission Vice-President for Economic and Monetary Affairs and the Euro said, "the strengthening of domestic demand this year should help us to achieve more balanced and sustainable growth. "

Olli Rehn said, the worst of the crisis now may be "behind us", but this is not an invitation to be complacent, as the recovery is still modest. To make the recovery stronger and create more jobs, EU countries need to stay the course of economic reform.

Among member states, Germany is expected to post growth of 1.8 percent in 2014, rising to 2.0 percent in 2015. French economy will grow by 1.0 percent in 2014 and grow by 1.7 percent for next year.

Greece is expected to escape six years of recession with growth of 0.6 percent this year and then 2.9 percent next year, while Italy will expand 0.6 percent and 1.2 percent as Spain does better with 1.0 percent and 1.7 percent.

British economy was foreseen to grow by 2.5 percent and 2.4 percent this year and next respectively.

Editor: Mu Xuequan
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