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MENAFN - Kuwait News Agency (KUNA) - 08/11/2012

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(MENAFN - Kuwait News Agency (KUNA)) The short-term outlook for the EU economy remains fragile, but a gradual return to GDP growth is projected for 2013, according to the Autumn forecast released here Wednesday by the European Commission.

On an annual basis, GDP is set to contract by 0.3 percent in the EU and 0.4 percent in the euro area in 2012. GDP growth for 2013 is projected at 0.4 percent in the EU and 0.1 percent in the euro area.

GDP growth in 2014 is projected at 1.6 percent in the EU and 1.4 percent in the euro area.

"Europe is going through a difficult process of macroeconomic rebalancing, which will still last for some time," EU Commissioner for Economic and Monetary Affairs, Olli Rehn, told a press conference.

"Europe must continue to combine sound fiscal policies with structural reforms to create the conditions for sustainable growth to bring unemployment down from the current unacceptably high levels," he said.

 






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