Author (Corporate) | European Commission: DG Economic and Financial Affairs |
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Series Title | European Economy |
Series Details | No.5, 2003 |
Publication Date | 2003 |
ISSN | 0379-0991 |
Content Type | Report |
The weak economic performance observed in the euro area and EU economies at the end of 2002 continued throughout the first half of this year. Consequently, for a third consecutive year, growth is likely to disappoint: the average growth rate is expected to be a mere 0.4% in 2003 in the euro area (0.8% in the EU). However, with accommodative macroeconomic policy conditions, continued disinflation, supportive financial conditions, progress in structural reforms, and a reduction in geopolitical uncertainty, the confidence of economic agents is returning and the international environment is improving. A rebound to average growth rates of 1.8% for the euro area and 2% for the EU is projected next year, approaching 2.5% in 2005. Despite this projected recovery, the protracted period of sluggish growth has taken its toll on the performance of the labour market and employment growth is expected to be sluggish, registering only 0.3% in 2004 and a somewhat better 0.8% in 2005. |
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Source Link | Link to Main Source http://ec.europa.eu/comm/economy_finance/publications/european_economy/2003/ee503en.pdf |
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Subject Categories | Economic and Financial Affairs |
Countries / Regions | Europe |