The Commission has revised down its forecast compared to previous estimates, in November 2011, which projected a growth of 0.5% in 2012. According to European Commissioner for Economic and European Olli Rehn, the euro area in 2012 will generally find a “mild recession”.
However, he believes, “we see signs of stabilization of the European economy” affected by the debt crisis. Within the eurozone, the economies of Belgium, Spain, Italy, Cyprus, the Netherlands, Slovenia, Greece and Portugal will register a decline. The decline in GDP will be particularly pronounced in Greece (-4.4%) in Italy (-1.3%) and Spain (-1%). Growth should reach 0.6% by cons in Germany and 0.4% in France, according to forecasts.