19:24 7 November 2019
EC lowers forecast of GDP growth in EU
The European Commission (EC) lowered economic growth forecasts for Poland. GDP growth is to amount to 4.1% this year. and 3.3% in 2020. Already in summer analysts predicted that growth in Poland will be 4.4% in 2019 and 3.6% next year.
Although the accelerating Polish economy is expected to slow down considerably, next year it will be among the most dynamic in the EU. Only Malta (4.2%), Romania (3.6%) and Ireland (3.5%) are to grow faster. The EC has lowered its forecast for GDP growth across the EU as well – in 2020 to 1.4% from 1.6%, and in 2021 also forecasts 1.4%, results from the EC's autumn forecasts. The Commission maintained its estimate of GDP growth in 2019 at 1.4%. For the euro area, the EC reduced its GDP growth forecasts for 2019 to 1.1%,
According to the European Commission, prospects for the EU economy are still burdened with clearly negative risks related to geopolitical and trade tensions, the future of EU-UK trade relations, and the possibility of recession translating in the industrial sector into the services sector.
