The EU commission has just released it’s GDP forecasts for 2013/2014.

The figures are in 2013/2014 order

  • Eurozone overall -0.4%/+1.2%
  • European Union -0.1%/+1.4%
  • Germany +0.4%/+1.8%
  • France -0.1%/+1.1%
  • Italy -1.3%/+0.7%
  • Spain -1.5%/+0.9%
  • Greece -4.2%/+0.6%
  • Portugal -2.3%/+0.6%
  • Ireland +1.1%/+2.2%
  • Cyprus -8.7%/-3.9%

Deficit forecasts (% of GDP) 2013/2014

  • France 3.9%/4.2%
  • Spain 6.5%/7.0%
  • Greece 3.8%/2.6%
  • Portugal 5.5%/4.0%
  • Cyprus 6.5%/8.4%

The forecasts are showing that the EU economy will contract more than expected previously (previous est 0.3%/1.4%) with budget deficits declining slower.

France, Spain, Italy and the Dutch will stay in recession throughout 2013 with only Germany showing growth.

The euro is shrugging off the latest projections as in all reality the news isn’t unexpected.