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...
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