The European Commission has predicted an acceleration in eurozone growth during the second half of 2002 in its spring economic forecasts.

GDP growth in the countries that have adopted the euro will total 1.4% this year, below half the average annual expansion witnessed in the late 1990s, before jumping to 2.9% in the following twelve months.

Key to the recovery is private consumption and a 7% increase in global trade in 2003. However, average unemployment in the region will rise to 8.5% in 2002 before dipping to 8.1% next year.

Data sourced from: BBC Online Business News (UK); additional content by WARC staff