The bloc will now avoid a technical recession, the EU said in its winter economic forecast, which is when the economy goes through a six-month period of economic contraction.
Recession had been forecast in the EU’s last economic forecast in November, but instead the annual growth rate for 2022 is estimated to be 3.5%.
Growth will continue throughout this year, the latest forecast says. The economy across the 27 countries will grow 0.8% in 2023, the union now expects – up from the 0.3% predicted in the autumn economic forecast.