UK GDP growth forecast risen to 1.5% in 2018, 1.2% in 2019. Despite this, the UK economy is among the slowest-growing nations in Europe. Similar is the expected GDP growth of Italy – 1.5% this year and 1.2% next year.
At the same time, the economic growth of Germany, the largest economy in the Eurozone, is confirmed at 2.3% in 2018 and 2.1% next year.
Expectations for the French economic growth have fallen from 2.6% to 2%, while remaining unchanged at 1.8% for next year. On the other hand, significant economic expansion is expected in Spain – the figure has been revised from 2.5% to 2.9% in 2018 and from 2.1% to 2.4% in 2019.
The European Commission has lowered the forecast for the economic growth of Greece – from 2.5% to 1.9% for this year, and from 2.5% to 2.3% due to the weak consumer sector of the country’s economy. Greece’s economic growth in 2017 exceeded 1% for the first time since 2007.
France and Germany, according to the European Commission’s forecast, will finally meet two crucial criteria of stability. France is expected to lower its budget deficit to less than 3% of the country’s gross domestic product, whereas Germany’s debt is expected to drop below 60% of its GDP and will reach 56.3%.