EU Commission revises up 2023 Eurozone GDP forecast, inflation projection lowered

In its quarterly publication released on Monday, the European Commission revised upwards its economic growth forecast for the Eurozone to 0.9% in 2023 from 0.3% previously, projecting 2024 growth unchanged at 1.5%.

Additional takeaways

Eurozone to avoid earlier expected technical recession with 0.1% QoQ growth in Q4 2022 and 0.0% QoQ in Q1 2023

EU Commission lowers its Eurozone inflation forecast for 2023 to 5.6% YoY from 6.1% expected earlier, sees inflation of 2.5% in 2024, down from the previous forecast of 2.6%.