EU growth forecasts 'better than expected' but UK lags

UK outlook less optimistic

The European Union has upgraded its growth forecasts for 2023 but forecasts for the UK are less favourable, with predictions of a “modest contraction” ahead.

Lower energy prices, abating supply constraints and a strong labour market supported moderate growth across the EU in the first quarter of 2023, dispelling fears of a recession.  This better-than-expected start to the year lifts the growth outlook for the EU economy to 1.0% in 2023, up from 0.8% in the winter interim forecast. The growth projection for 2024 was also increased to 1.7%, up from 1.6%. Finsbury Growth & Income results pick up despite 'difficult few years' for UK fund management stocks Upward revisions for the euro area are of a similar magnitude, with GDP growth now...