The International Monetary Fund (IMF) has improved its forecast for GDP growth in the eurozone in 2023 by 0.1 percentage points, to 0.9%, Report informs, citing the fund.
At the same time, the IMF worsened its forecast for a decline in German GDP this year by 0.2 percentage points, expecting a decline of 0.3%.
"For Germany, weak industrial production and a shrinking economy in the first quarter of 2023 mean that the outlook has been revised down," the fund said.
At the same time, favorable market conditions for services and tourism caused an increase in the forecast for 2023 for Spain by one percentage point, to 2.5%, and Italy - by 0.4 percentage points, to 1.1%.
The forecast for GDP growth in 2024 is raised by 0.1 percentage points to 1.5% in the eurozone, and by 0.2 percentage points, to 1.3% in Germany.
In 2022, eurozone GDP growth was 3.5%. The German economy grew by 1.8% last year, Italian economy saw a 3.7% increase, and Spain saw 5.5% economic growth.