(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Nov 9 (KUNA) -- The European economy has performed significantly better than expected this year, boosted by resilient private consumption, stronger growth around the world, and falling unemployment.
The EU economy as a whole is to beat expectations with robust growth of 2.3 percent this year up from 1.9 percent in spring, according to Autumn Forecast released by the European Commission Thursday.
The euro area economy is on track to grow at its fastest pace in a decade this year, with real GDP growth forecast at 2.2 percent. This is substantially higher than expected in spring 1.7 percent, it said.
Presenting the forecast at a press conference, Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, said "after five years of moderate recovery, European growth has now accelerated. We see good news on many fronts, with more jobs being created, rising investment and strengthening public finances." In the EU, the unemployment rate is falling projected at 7.8 percent this year, 7.3 percent in 2018 and 7.0 percent in 2019. (end) nk.mt
MENAFN0911201700710000ID1096062065
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.