|2023/03/10 / Ceska Sporitelna Research|
EU News Monthly March 2023
EU Economy set to avoid recession, but headwinds persist. Winter Interim Forecast lifts the outlook for growth and slightly lowers the inflation projections. Growth for 2022 is now estimated at 3.5% in the EU. GDP is projected to expand by 0.8% in 2023 and 1.6% in 2024. Headline inflation is forecast to fall from 9.2% in 2022 to 6.4% in 2023 and 2.8% in 2024 in the EU.
The European Commission has presented a proposal for rules for green hydrogen. Under the proposed rules, electrolysers for hydrogen production will have to be connected to new infrastructure for the production of electricity from renewable energy sources.
Tesla will limit plans for battery production in Germany (it intended to produce complete batteries in Berlin; now it manufactures battery systems there and prepares production of battery cell components). It wants to focus on the United States, where tax conditions are more favorable.
Wind and solar produced more electricity than gas in the EU for the first time last year. Solar and wind generated 22% of electricity in the EU last year, according to the think tank Ember. A decade ago, it was a tenth. In 2022, a fifth of electricity came from gas and 16% of electricity was generated from coal.
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|Author||Ceska Sporitelna Research|
|Product name||EU News Monthly|
|Topic in focus||FX, Macro/ Fixed income|
|Economy in focus||Czech Republic|
|Currency in focus||Czech Koruna|
|Sector in focus||-|
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