Forecasts of recession and economic growth worsen among euro area experts: according to the periodic survey conducted by the European Central Bank now on average they expect a contraction of 0,5% of the GDP of the currency union this year, followed by a limited plus 0,3 percent in 2013 and a plus 1,3% in 2014. Weaker values than the survey conducted three months ago, in which they estimated respectively minus 0,3%, plus 0,6% and plus 1,4%.
Meanwhile, in the morning, Eurostat communicated the data on Third quarter GDP: -0,1%compared to the previous three months e -0,6% every year.
The ECB also revises its forecasts on the unemployment rate negatively: 11,3% in 2012, 11,6% in 2013 and 11,2% in 2014. In the survey conducted three months ago, 11,2, 11,4, 10,8 and XNUMX%. It should be remembered that these forecasts are not from the ECB itself, but from experts from companies and external financial institutions.
The European Central Bank therefore reiterates that it expects "weak" economic growth again next year, however, it also notes an evident improvement in the climate of confidence in the financial markets” due to its plan of possible calming purchases of government bonds (OMT). “Growth dynamics are expected to remain weak next year”, states the institution in its monthly bulletin.
However, growth "continues to be supported by the ECB's conventional and unconventional monetary policy measures, but the pace of recovery of the economy will still be held back by the necessary balance sheet adjustment process in the financial and non-financial sectors and by the unevenness of the global recovery . Risks to the euro area economic outlook remain tilted to the downside.
