Slight Recovery of EU Economy

The prospects for EU`s economical growth have been recently revised upward. EUROSTAT starts out at a plus of 1% for the entire EU 27 region. Particularly positive is Germany`s performance in the second quarter of this year, when a plus of 2,2% compared to the first quarter 2010 and thus the highest growth in 23 years was registered.

Most of the EU member states can breath a sigh of relief, due to a positive perspective for economical growth this year. The highest growth rates for 2010 are expected in Poland and Slovakia with 2,7% and in Luxemburg with 2% respectively. However in Spain, Cyprus, Lithuania, Latvia, Ireland and Greece the GDP again will decrease between 0,4% in Spain and 3,5 % in Latvia.

Especially the improved export situation motivates the positive prospects. Due to the weak domestic demand the recovery revival is still cautious. The speed of recovery will depend on the specific situation in each country and its politics. The average unemployment rate in 2010 will remain at around 10%. The lowest unemployment rate was registered in June 2010 in Austria with 3,9% and the highest in Spain with 20%.