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Economy: EU Commission, GDP slows down but unemployment falls. “Global uncertainties continue to weigh”

Il commissario Valdis Dombrovskis

(Brussels) “The European economy is showing resilience in the face of a less favourable external environment, including trade tensions. Growth is set to continue in all EU Member States and pick up next year, supported by robust domestic demand, steady employment gains and low financing costs. Yet risks to the outlook remain pronounced”. Valdis Dombrovskis, Vice-President of the European Commission responsible for the Euro, said this as he commented on the Spring 2019 Economic Forecast released in Brussels today. According to the European Commission, GDP growth is expected to slow down and unemployment to fall amidst uncertainties in the near future. But there are still imbalances across the EU. “On the external side”, there is a risk of “further escalation of trade conflicts and weakness in emerging markets, in particular China”, Commissioner Dombrovskis added. “In Europe, we should stay alert to a possible ‘no-deal Brexit’, political uncertainty and a possible return of the sovereign-bank loop”. However, the Commission expects the European economy to “continue expanding for the seventh year in a row in 2019”. “As global uncertainties continue to weigh, domestic dynamics are set to support the European economy”. Growth, according to the forecast, is “expected to gather pace again next year”.

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