The economic outlook in the Euro Area worsened, with many negative risks materializing, while Russia's war against Ukraine continues to negatively affect the European economy, setting it on a path of lower growth and higher inflation, the European Commission (EC) said in its Summer 2022 Economic Forecast. The EC lowered its growth forecasts for the Euro Area to 2.6% in 2022 and 1.4% in 2023, down from 2.7% and 2.3% respectively in the Spring forecasts. On the price front, inflation is seen at a record of 7.6% this year before easing to 4% in 2023. Figures compare with 6.1% and 2.7% respectively in the previous outlook. The Euro Area economy expanded by a record 5.3% in 2021, following a 6.4% contraction in 2020. source: EUROSTAT
Full Year GDP Growth in the Euro Area averaged 1.41 percent from 1996 until 2021, reaching an all time high of 5.30 percent in 2021 and a record low of -6.40 percent in 2020. This page includes a chart with historical data for Euro Area Full Year GDP Growth. Euro Area Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on November of 2022.
Full Year GDP Growth in Euro area is expected to reach 3.00 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Full Year GDP Growth is projected to trend around 0.50 percent in 2023 and 1.00 percent in 2024, according to our econometric models.