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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

European economy expected to grow faster than forecast, says EU

European Union Economy Europe Inflation Bank of England ECB
steel coils at the Thyssenkrupp plant in Germany
France’s growth rate will speed up from 0.7% in 2023 to 1.7% in 2024 while Germany’s economy – hit hardest by sanctions on Russian gas – is forecast to expand by 0.2% this year and 1.4% in 2024. Photograph: Ina Fassbender/AFP/Getty Images

Europe’s economy is expected to grow faster than previously thought this year and next, despite high inflation and rising interest rates, according to the European Commission.

The commission said the EU’s 27 members would grow at an average of 1% in 2023, up from a previous estimate of 0.8%. It nudged its forecast for growth in 2024 to 1.7% from 1.6%.

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