BRUSSELS, November 15. /TASS/. The European Commission (EC) has downgraded its outlook on GDP growth in the European Union for 2023 from 1% projected this spring to 0.6%, the EC said in its Autumn 2023 Economic Forecast. The outlook for 2024 has been downgraded from 1.7% to 1.3%.

The forecast dynamics in 20 eurozone countries is similar as outlook has been downgraded to 0.6% for 2023 and 1.2% in 2024 from 1.1% and 1.6%, respectively, expected in the spring.

The inflation projections for the eurozone have been upgraded for 2023 from 5.8% to 5.6% and downgraded for 2024 to 3.2% from 2.8% expected in May.