emfizz.com
emfizz.com November 24, 2017


Luxembourg economy seen growing faster than eurozone's

10 November 2017, 01:01 | Jan Cross

The Brandenburg Gate reflected by a puddle on Pariser Platz Square in Berlin Germany Tuesday Nov. 7 2017

The Brandenburg Gate reflected by a puddle on Pariser Platz Square in Berlin Germany Tuesday Nov. 7 2017

The Commission also raised its eurozone growth forecast for next year to 2.1 percent from 1.8 percent and said growth in 2019 is expected to be 1.9 percent.

The EU's executive arm said it had pencilled-in a 1.1% increase in gross domestic product for the country in 2019 - the year of the looming divorce - saying it could not assume a different relationship. Only the United Kingdom's growth outlook is nearly the same as Italy's, but Britain was excluded from the EU-28 table for the first time in view of Brexit.

The general government headline deficit is projected to further deteriorate to 3.5% of GDP in 2017 from 3.0% in 2016, due to numerous fiscal easing measures.

Even under a no-change scenario, Britain's economic growth would slump to 1.1% in 2019, making it the slowest growing economy after Italy's 1% expansion, the European Union said.

In its previous forecasts in May, the Commission counted on only a 1.9 percent growth this year and next year. "More generally, uncertainty regarding the government's policies could also hamper growth", the Commission said.

From 2018, the European Commission will revert to publishing two comprehensive forecasts (spring and autumn) and two interim forecasts (winter and summer) each year, instead of the three comprehensive forecasts in winter, spring and autumn that it has produced each year since 2012.

"After five years of moderate recovery, European growth has now accelerated", EU Economy Commissioner Pierre Moscovici said. However, private consumption is expected to continue acting as the main growth driver in 2017 and 2018.

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"While market reactions to recent events in Catalonia have remained contained, the risk exists that future developments could have an impact on economic growth", the Commission noted in its reports, adding that the size of the impact "cannot be anticipated at this stage".

The commission gave an upbeat assessment of prospects in the eurozone area of 19 countries using the single currency, with growth for 2017 marked up "substantially" to 2.2%, compared with 1.7% in the spring.

Unit labour costs are predicted to rise faster than euro-area average for 2018 and 2019.

In line with robust real GDP growth and a strong labour market, and despite the reduction in taxation worth 0.2% of GDP, tax revenues are expected to continue growing.

The highest growth within the eurozone is expected in Malta (5.6%), Ireland (4.8%) and Slovenia (4.7%), while the lowest is projected for Greece and France (1.6%) and Italy (1.5%), similar to the United Kingdom growth rate. Romania's 2017 budget is built on projections for 6.1% economic growth and deficit equivalent to 2.96% of GDP.

The EC said growth this year is supported by private consumption and rebounding investment.

In October, the International Monetary Fund (IMF) said that Romania's real GDP growth is projected to reach 5.5% in 2017 before it decelerates to 4.4% in 2018.



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