Communication on the Annual Growth Survey 2019: For a stronger Europe in the face of global uncertainty

Summary:

On 21 November 2018 the European Commission presented its Annual Growth Survey for 2019.

Further information:

In 2019, Europe’s economy is set to continue expanding, providing jobs to a record number of people and lifting millions out of poverty and social exclusions. Structural reforms, investment and responsible fiscal policies implemented by the Member States, combined with decisive action at European level, have contributed to the restored stability and greater prosperity enjoyed today in the European economy.

Europe's economy is now entering its sixth year of uninterrupted growth. Dispersion of growth rates across the euro area is the smallest in the history of the Economic and Monetary Union. Real convergence has resumed, with higher growth rates recorded in Member States with lower levels of GDP per capita. Robust growth and low interest rates have supported a continued decline in national government deficits, which in most cases have returned to pre-crisis levels.

The growth of the economy, however, is not benefitting all citizens and countries in the same manner and remains vulnerable to global instability and medium to long-term challenges. The fundamentals for sustained growth in Europe are in place. Nevertheless, economic growth is projected to moderate and faces significant downside risks. Financing conditions remain supportive, but some tightening is expected as growth continues, inflation picks up and monetary policy gradually normalises.

Rising challenges and global uncertainty remind us that the current economic momentum offers an opportunity not to be missed. Renewed reform efforts, well-targeted investment and the reduction of debt levels, in line with the common European fiscal rules, are crucial to make the Union and its Member States stronger, more inclusive and resilient.

This Communication was presented as part of the 2019 European Semester Autumn Package.