Launching BUSINESSEUROPE’s Autumn Economic Outlook, Director General Markus J. Beyrer today commented: “The European economy is starting to turn the corner. We expect growth of 1.4% in the EU in 2014 and 1.1% in the Euro Area. But as today’s disappointing industrial production data reminds us, much more needs to be done to create a path to long-term sustainable growth. Governments and the EU must take sufficient action to reduce the macroeconomic imbalances that have contributed to the recent economic crisis.”
Based on a survey of its member federations across the continent, BUSINESSEUROPE’s economic outlook predicts:·
- GDP growth in 2013 of 0.0% in the EU and -0.5% in the Euro Area.
- GDP growth in 2014 of +1.4% in the EU and 1.1% in the Euro Area.
- A more positive contribution from domestic demand to future growth, with private consumption expected to grow by 0.9% in the EU in 2014.
- A potential upturn in private investment, expected to grow by 3.3% in 2014, having contracted by 2.1% in 2013.
- Continued acute concern in relation to job creation, with unemployment expected to remain almost unchanged in the Euro Area in 2014 at 11.8%, falling to 10.6% in the wider EU.