BRUSSELS: The European Commission on Monday cut its forecast for economic growth in the euro zone for 2023 by 0.3 percentage point to 0.8 percent, mainly due to weak results in Germany.
“The latest data confirm that economic activity in the EU was muted in the first half of 2023 due to the huge shocks experienced by the EU,” the Commission said.
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The inflation forecast for the euro area has also been revised downwards, and it is predicted to remain well above the target, i.e. at 5.6 percent in 2023 compared to 5.8 percent in the previous forecast.
