Annual Growth Survey macroeconomic report Brussels, 6 February 2013 Kees van Duin Policy Coordination and Strategic planning Directorate General for Economic.

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Presentation transcript:

Annual Growth Survey macroeconomic report Brussels, 6 February 2013 Kees van Duin Policy Coordination and Strategic planning Directorate General for Economic and Financial Affairs European Commission

A weakening global recovery World trade and global manufacturing output

Financial market tensions have eased… Stock-market indices, euro area Ten-year government-bond yields, selected euro-area Member States

…but banks' credit standards remain tight Credit conditions in the euro area ECB Bank Lending Survey Bank lending to households and non-financial corporations, euro area

Financial fragmentation in the euro area 5 Interest rates on loans to enterprises (new businesses, maturity up to 1 year)

Gradual recovery from 2013 on

7 Private sector deleveraging Indebtedness, sectoral decomposition (% of GDP), 2011 Source: Eurostat

Public sector deleveraging General government consolidated gross debt, % of GDP

Current-account imbalances Current-account position, % of GDP

Public finances set to improve further General government budget balance, euro area General government debt, euro area

Differences in GDP growth… 11

Facing the economic challenges in the EU… Annual Growth Survey Pursuing differentiated growth friendly fiscal consolidation 2. Restoring normal lending to the economy 3. Promoting growth and competitiveness for today and tomorrow 4. Tackling unemployment and the social consequences of the crisis 5. Modernising public administration