The European Commission has said the European economy has reached a turning point, with growth of 0.5 per cent predicted in the second half of the year, the British Broadcasting Corporation reported on Tuesday.
Thank you for reading this post, don't forget to subscribe!In its closely-watched autumn forecast the Commission predicted 1.4 per cent growth in the EU next year and 1.9 per cent in 2015.
“There are increasing signs that the European economy has reached a turning point,” said Olli Rehn, commissioner for economic and monetary affairs.
The Commission publishes forecasts three times a year.
Despite the upbeat prognosis, the Commission said it expected the recovery to be gradual.
“While the financial market situation has improved significantly and interest rates have declined for vulnerable countries, this has not yet fed through to the real economy,” Rehn said.