European Commission upgrades GDP growth forecast for Poland

"The euro area economy is on track to grow at its fastest pace in a decade this year, with real GDP growth forecast at 2.2%".

Growth, the commission points out, has already slowed significantly in the United Kingdom in the last couple of years, falling from 2.3% in 2017, to just 1.8% in 2016.

With the growth forecast for 2017 slashed by 0.3 percent, it also expects the United Kingdom economy to only grow marginally over the next two years - by 1.3 percent in 2018 and by 1.1 percent in 2019, the year Brexit is now scheduled to happen. The EU economy as a whole is also set to beat expectations with robust growth of 2.3% this year (up from 1.9% in spring).

Eurozone inflation is also expected to remain broadly flat at 1.5% in 2017, down from a 1.6% forecast previously, decelerating to 1.4% next year before rising marginally to 1.6% in 2019.

EU officials hope the dynamic economy will help ambitious reform drives by European Commission chief Jean-Claude Juncker and French President Emmanuel Macron to deepen economic integretaion in the eurozone.

First Meryl Streep, Tom Hanks, and Steven Spielberg Movie Collaboration
Tom Hanks and Meryl Streep star in the first trailer for upcoming political thriller The Post from director Steven Spielberg . It's getting a limited December 22 release, so it'll be fresh in voters' minds when January comes around.

But the report was especially sour for non-euro Britain which saw its growth forecast for 2017 slashed to 1.5 percent. Yet challenges remain in the form of high debt levels and subdued wage increases. High households' indebtedness and increasing debt burdens, could also affect consumption growth.

"The European economy has performed significantly better than expected this year, propelled by resilient private consumption, stronger growth around the world, and falling unemployment", the Commission said in a statement. The economy would slow even further to 1.3 percent in 2018, followed by 1.1 percent in 2019. Positive forces could emerge, however, from diminishing uncertainty and improving sentiment in Europe to stronger global growth. The Commission's autumn forecasts published today in Brussels are similar to those released earlier by the Croatian government, reports Jutarnji List on November 9, 2017. Moreover, there is a risk of a possible under-execution of the public investment budget in 2018, which would hinder overall investment growth as well.

The commission stressed that its analysis of Britain's prospects was based on a "purely technical assumption of status quo" in terms of the UK's relations with the European Union, and did not take into account any possible outcome from negotiations on a future trade deal.

The Commission estimates that the budget deficit this year and next year will be 0.9 percent of GDP, while in 2019 it will be 0.7 percent of GDP.

"This is for forecasting purposes only and has no bearing on the talks underway in the context of the Article 50 process". Monthly government statistics to date suggest that the 2017 general government primary balance target (1.75 pct of GDP in terms of the ESM programme definition) will be met, with the balance of risks tilted to the upside.

Related News:

  • Rail chaos: Southern drivers end 18-month strike

    Rail chaos: Southern drivers end 18-month strike

    At Britain's busiest station, London Waterloo, "contingency guards" working for the train operator were operating some trains. However, rail companies are keeping passengers moving with the large majority of services running as planned.
    Key producers depart Universal's Dark Universe with franchise's future in doubt

    Key producers depart Universal's Dark Universe with franchise's future in doubt

    Universal isn't giving up entirely with its vast library of monsters, which includes Frankenstein , the Wolf Man , Dracula and others.
    With Low Turnouts this Election, Why Do You Vote?

    With Low Turnouts this Election, Why Do You Vote?

    The Jefferson County Board of Elections reported higher voter turnout than anticipated on Election Day. Ballots started rolling in as soon as the office opened, until 7 p.m.
  • Massive tax raids at Sasikala-Dinakaran kin, associates, premises (Third Lead)

    Massive tax raids at Sasikala-Dinakaran kin, associates, premises (Third Lead)

    In all, simultaneous raids have been underway in more than 150 locations in Tamil Nadu , Karnataka, Telangana and Delhi. Searches are also being conducted at the college run by Mr.Dhivakaran and also at the residence of S.
    Auburn athletics posts highest Graduation Success Rate in program history

    Auburn athletics posts highest Graduation Success Rate in program history

    Incoming transfer students, from junior college or four-year schools, who graduate at United Kingdom are not counted as graduates. In 2005, the NCAA Division I Committee on Academic Performance implemented the initial release of the GSR data.
    Five naked people in vehicle  crash: The story gets weirder

    Five naked people in vehicle crash: The story gets weirder

    The woman and child escaped shortly after. "A passerby offered assistance and secured all three in his truck", the release said. That's when the initial suspect vehicle with the alleged kidnappers rammed the truck from behind, which sent it into a ditch.
  • Minnesota Vikings activate QB Teddy Bridgewater

    Minnesota Vikings activate QB Teddy Bridgewater

    Zimmer declined to speculate about when Bridgewater might become the starter again. "He's moved well, thrown the ball well". Griffen stretched with the team at the start of practice Wednesday, wearing a stocking cap rather than a helmet.
    United States  judge stuns with prison term for rapper Meek Mill

    United States judge stuns with prison term for rapper Meek Mill

    The judged spoke about the several chances she had given Mill , but he 'basically just thumbed your nose at this court'. The sentencing came after Meek was charged with misdemeanor assault following an altercation with employees at St.
    First video of the new BMW M3 CS

    First video of the new BMW M3 CS

    Inside you'll find a smattering of Alcantara and the lightweight seats from the Competition Package. The 62mph benchmark drops in just 3.7 seconds (!) while top speed is limited to 174mph.
  • United States  aircraft carriers to conduct joint drill in Pacific

    United States aircraft carriers to conduct joint drill in Pacific

    The last time three U.S. carrier strike groups exercised together was in 2007, when the Nimitz, along with the John C. Nuclear-armed North Korea has lashed out at the military muscle-flexing, which it calls a rehearsal for invasion.

    Germany officially recognizing third gender at birth

    The UN believes between 0.05 and 1.7 per cent of the global population is intersex - about the same percentage that have red hair. In 2014, the Australian high court ruled that the government should legally recognize a third gender.
    Kremlin says

    Kremlin says "logical" that Putin, Trump will talk at Vietnam summit

    It was not immediately clear if the two men would meet privately as they have done several times in the past. The probability for a face-to-face meeting of the two presidents is "quite high", Peskov said.


Most liked

PM Modi flags off Kolkata-Khulna Bandhan Express with Sheikh Hasina, Mamata
She said Bangladesh-India relations are in fact setting new high standards of bilateral cooperation in the region and beyond. Bangladesh and India are working to re-open pre-1965 rail links for freight transport, Hasina added.

OnePlus 5T drops the idea of wireless charging, proceeds with dash charge
Wired quick charging solutions like ours clearly outshine wireless on quantitative measures. And you can't use your phone while it charges, since picking it up will stop the charging.

Packers release Martellus Bennett, claim he failed to disclose medical condition
He didn't play in the 30-17 loss on Monday to the Detroit Lions after being listed as doubtful for the game. If he does not get claimed, he becomes a free agent and can sign with any team at any time after that.

Files Go App Being Tested on Android
It also has a handy file send/receive feature that can be done with another nearby phone even if you don't have a data connection. Essentially, Google has chose to capitalize on the interest in the new app, thanks to its exposure through media coverage .

2nd transgender candidate wins council seat
She had said that through her work she wanted to improve the lives of people in those neighborhoods, according to the Advocate . She is a gender advocate who has spent the past 12 years working for different council members.

Users Are Reporting Xbox One X Problems
Some lucky fans were blessed with not only an Xbox One X but an opportunity to challenge each celebrity to a game on the system. But if they simply didn't order enough of the console and went through their supply quickly, that's a bit less impressive.

Texas gunman broke stepson's skull, assaulted wife in troubled life
But most analysts said the law should at least get Kelley's victims, or their survivors, through the courthouse door. Former classmate Nina Rose Vaca told the Dallas Morning News: "He was a little unusual but it was high school".

Mariah Carey accused of sexual harassment by former head of security
Mariah Carey is escorted by her ex-security guard Michael Anello at her hotel in London after her concert in Birmingham in 2016. The security chief is reportedly unsatisfied with her team's offer, but his lawyer says the draft lawsuit is now on hold.

Tech Giant Apple Reportedly Involved in Paradise Papers Scandal
While the practice is legal, the revelations have wider implications on the way the finances of the rich and famous are handled. The company told the newspaper that it follows all relevant tax regulations and pays its tax in full and on time.

Parker promoter confirms Hearn talks as Wilder calls out Joshua
I've actually been there on a tour, never to watch a game, but when I was younger I went there on a tour to look at the grounds. Joshua continued by pointing out that Wilder, for all his comments on social media, is still yet to make an offer to him.

Demonetisation: Rahul Gandhi terms PM Modi 'democratically elected dictator'
While the Congress shared the iconic photo that had gone viral previous year , the BJP shared how the man supports demonetisation. Speaking on Congress party's stance on demonetisation, Singh observed that the party and their leadership, is upset.

Kevin Spacey accused in incident involving former Boston TV anchor relative
The family lawyer also told reporters Wednesday that his client had spoken to Nantucket police, who were investigating. On the bystander's advice the teenager fled to his grandmother's home, where he and his sister called their mother.

Critics carp at 'impatient' Donald Trump on trip to Japan
Similarly, Bloomberg's Jennifer Jacobs said , "Trump spoon feeds koi fish at Akasaka Palace". ABC News' video showed only Trump upending his box of fish food; a CNN video did the same.

Sensex, Nifty end lower; Reliance Industries, Bharti Airtel drag
Foreign portfolio investors (FPIs) bought shares worth a net Rs 576.27 crore yesterday, as per provisional data released by stock exchanges.

Send your nude images to Facebook to stop revenge porn
The company is testing a program in Australia that would mark each picture as non-consensual explicit material. That way, your photo will never show up on any of Facebook's servers.