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December 2013 Eurosystem Staff Macroeconomic Projections for the Euro Area
Report

December 2013 Eurosystem Staff Macroeconomic Projections for the Euro Area

ECB, 2013

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Editorial Rating

7

Qualities

  • Analytical
  • Scientific
  • Visionary

Recommendation

The European Central Bank’s number crunchers are a busy bunch; the world hangs on their every word, waiting for a sign that the prolonged stagnation in the euro-zone economy has lifted. In this report, the ECB forecasts a modest return to real GDP growth for 2014 and 2015. This projection is unlikely to set champagne corks popping in Frankfurt, but it marks a welcome change from five years of gloom. getAbstract commends the ECB for its short, albeit technical, prognosis and suggests it as essential reading for all with an interest in European and global economic affairs.

Take-Aways

  • A tentative euro-zone recovery is in sight for 2014, with the pace of growth gradually accelerating in 2015.
  • Annual real GDP will grow by 1.1% in 2014 and by 1.5% in 2015, largely due to a moderate recovery in domestic and external demand.
  • Unemployment will remain high in 2014 and 2015, with only a modest decline in the jobless rate.

About the Author

Situated in Frankfurt, the European Central Bank is responsible for maintaining the euro’s purchasing power and, thus, price stability in the euro area.