(...) The economic recovery in the EU continues to make headway.
After a strong performance in the first half of 2010, real GDP growth for both the EU and the euro area slowed down in the second half.
The deceleration was expected and in line with the soft patch in global growth and trade that reflected the withdrawal of stimulus measures.
Looking ahead, real GDP growth in 2011 is now forecast at 1.8% in the EU and 1.6% in the euro area, a slight upward revision compared to the autumn forecast.
The improved outlook is supported by better prospects for the global economy and strong EU business sentiment.
The recovery is expected to become more balanced towards domestic demand. Uncertainty remains high and developments across countries are uneven.
The Commission's inflation forecast for 2011 has been revised up as compared to the autumn due mainly to higher energy and commodity prices.
It now stands at 2.5% in the EU and 2.2% in the euro area. EU Economic and Monetary Affairs Commissioner, Olli Rehn said: "After a slowdown of growth in the second half of last year, the EU economic recovery is expected to gain further ground this year.
While exports should continue supporting the recovery, a rebalancing of growth towards domestic demand is expected for 2011, resulting in more sustainable growth. However, the recovery remains uneven and many Member States are going through a difficult phase of adjustment.
Moreover, despite the recent relative calm in the financial markets, the situation has not yet fully normalised.
Ensuring a stronger recovery calls for an agreement on an ambitious agenda of fiscal consolidation and structural reforms, as outlined in Commission's Annual Growth Survey".(...)
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