Note: *= forecast
Source: AE on the basis of Eurostat (historical data) and Consensus Economics (forecast data).
The gloomy growth prospects point to a Europe that is clearly not yet past the crisis. 24 out of 27 EU countries are under the EUs Excessive deficit procedure and are recommended to tighten fiscal policy. This has led the leaders of the EU to focus on restoring balanced budgets in an attempt to “cut back” their way out of the crisis.