The European Union's economy is expected to grow by 1.1% this year, according to the European Commission's spring forecast. For the eurozone, growth is projected at 0.9%, despite global economic uncertainty and trade tensions. Slightly stronger growth is anticipated next year, with 1.5% in the EU and 1.4% in the eurozone.
'The EU economy shows resilience amid high trade tensions and increasing global uncertainty. But we must not be complacent,' said EU Commissioner Valdis Dombrovskis (Economy). Due to numerous risks to the economy and trade, 'the EU must take decisive measures to stimulate our competitiveness.'
The growth, already evident in the last quarter of 2024, is mainly due to strong domestic demand. The forecast is based on certain assumptions, such as the US import tariffs for the EU remaining at the currently paused 10%. Current tariffs of 25% for steel, aluminum, and cars have been taken into account.