European Commission raises Polish GDP growth forecast

May 12, 2017, 12:20
European Commission raises Polish GDP growth forecast

The commission, which is the EU's executive arm, said in its latest set of quarterly economic forecasts that it expected the United Kingdom economy to expand at an unchanged 1.8% rate this year, while slowing sharply to 1.3% in 2018.

Brexit remains also one of the main risks for the bloc's growth in the coming months, the Commission said.

"Europe is entering its fifth consecutive year of growth", EU Economics Commissioner Pierre Moscovici said.

That is compared with predictions made in the winter of 1.6% growth in 2017 and 1.8% in 2018. It was also noted that the increase in employment in Turkey is expected to increase even further in 2018 and that Turkish banks continue to have relatively sound headline-risk metrics, a positive factor that should support domestic investment in the coming period.

"It is good news too that the high uncertainty that has characterised the past 12 months may be starting to ease", he said.

European flags in front of European Commission in Brussels.

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The EU expects Serbia's economic expansion to accelerate, forecasting the country's GDP growth rate to be 3.2 percent in 2017 and 3.6 percent in 2018.

The European Commission revised upward its forecasts of euro zone economic growth this year and projected a lower unemployment rate, in new signs that the bloc's recovery is gathering pace, data released on Thursday showed. "Yet the picture is very different from member state to member state, with better performance recorded in the economies that have implemented more ambitious structural reforms", Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said.

The 28-nation bloc as a whole would grow by 1.9% in both 2017 and 2018, the Commission said. "The debt-to-GDP ratio is forecast to decline to 132.5% in 2018".

The updated growth estimates are included in the Commission's formal Spring Economic Forecast.

Germany's trade surplus, an indicator that has often caused conflicts with Brussels for being excessive, will slow to 8.0 percent of GDP this year from 8.5 percent in 2016, and is predicted to go further down to 7.6 percent next year.

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