Eurosystem staff macroeconomic projections for the Euro Area : June 2023

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<subTitle>: June 2023</subTitle>
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<dateIssued>2023</dateIssued>
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<abstract displayLabel="Summary">Euro area economic activity slightly declined at the turn of the year, but has remained relatively resilient to the large negative supply shocks that have been hitting the economy. The economy is expected to return to growth in the coming quarters as energy prices moderate, foreign demand strengthens and supply bottlenecks are resolved, allowing firms to continue to work through their significant order backlogs, and as uncertainty - including that related to the recent banking sector stress - continues to recede. Furthermore, real incomes are set to improve, underpinned by a robust labour market, with unemployment hitting new historical lows. Although the ECB's monetary policy tightening will increasingly feed through to the real economy, the dampening effects from tighter credit supply conditions are expected to be limited</abstract>
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<title>Proyecciones macroeconómicas para la Zona del Euro : junio 2023</title>
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