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10 November 2017, 01:02 | Austin Hogan
On the back of robust consumer spending and a global economic recovery, the 28-member bloc's GDP, meanwhile, is seen expanding this year by 2.3%, up from the 1.9% previously forecast.
The European Commission assesses that this year the Croatian economy will grow by 3.2 percent, 2.8 percent next year, and 2.7 percent in 2019.
Italy's public debt, the second highest in the European Union after Greece, will finally start easing from next year after peaking at 132.1 percent of GDP in 2017.
The highest growth within the eurozone is expected in Malta (5.6%), Ireland (4.8%) and Slovenia (4.7%), while the lowest is projected for Greece and France (1.6%) and Italy (1.5%), similar to the United Kingdom growth rate.
By contrast to the slowing United Kingdom economy, the rest of Europe will continue to grow robustly, carrying on the strong levels of economic expansion seen over the past year or so.
Relatively moderate increases in regulated fuel prices have contained overall HICP (The Harmonised Index of Consumer Prices) inflation, which is forecast to average 1.3% in 2017, marginally below the euro-area average. Yet challenges remain in the form of high debt levels and subdued wage increases. Our policies need to remain firmly focused on making growth sustainable and inclusive. He also said the eurozone needs to become "more resilient" to future shocks and turn itself into a "true motor of shared prosperity".
The EC said growth this year is supported by private consumption and rebounding investment. The economy would slow even further to 1.3 percent in 2018, followed by 1.1 percent in 2019. Romania's 2017 budget is built on projections for 6.1% economic growth and deficit equivalent to 2.96% of GDP.
The general government headline deficit is projected to further deteriorate to 3.5% of GDP in 2017 from 3.0% in 2016, due to numerous fiscal easing measures.
In line with robust real GDP growth and a strong labour market, and despite the reduction in taxation worth 0.2% of GDP, tax revenues are expected to continue growing. By contrast, diminishing uncertainty and improving sentiment in Europe could lead to stronger-than-forecast growth, as could stronger growth in the rest of the world.
In 2016, Romania's economy grew by 4.8% year-on-year, compared to a revised growth rate of 3.9% in 2015.
The EU Commission has downgraded its expectations for United Kingdom economic growth, saying its assumptions are even based on there being no change in trading status after Brexit. The Commission's autumn forecasts published today in Brussels are similar to those released earlier by the Croatian government, reports Jutarnji List on November 9, 2017.
This, the Commission said, is for "forecasting purposes only and has no bearing on the talks underway" in the context of the Brexit talks, which resumed Thursday.
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