The European Commission said on Thursday that the economies of all EU Member States are expected to grow again in 2015, the first time since 2007.
After unveiling its winter economic outlook, the EU executive said that growth this year is expected to rise to 1.7% for the EU as a whole and to 1.3% for the euro area. In 2016, annual growth should reach 2.1% and 1.9% respectively.
“Since the autumn, a number of key developments have brightened the near-term outlook. Oil prices have declined faster than before, the euro has depreciated noticeably, the ECB has announced quantitative easing, and the European Commission has presented its Investment Plan for Europe. All these factors are set to have a positive impact on growth,” said EU Economic and Monetary Affairs Commissioner Pierre Moscovici.
“Europe’s economic outlook is a little brighter today than when we presented our last forecasts. The fall in oil prices and the cheaper euro are providing a welcome shot in the arm for the EU economy. Meanwhile, the Investment Plan for Europe and the ECB’s important recent decisions will help create a more supportive backdrop for reforms and smart fiscal policies. But there is still much hard work ahead to deliver the jobs and investment the European Union and the euro area need,” Moscovici added.