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1、Economic and Financial AffairsSpring 2025ISSN 2443-8014(online)European Economic ForecastINSTITUTIONAL PAPER 318|MAY 2025 EUROPEAN ECONOMY European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commissions Direc

2、torate-General for Economic and Financial Affairs,which serve to underpin economic policy-making by the European Commission,the Council of the European Union and the European Parliament.DISCLAIMER The views expressed in unofficial documents do not necessarily represent the views of the European Comm

3、ission.LEGAL NOTICE Neither the European Commission nor any person acting on behalf of the European Commission is responsible for the use that might be made of the information contained in this publication.This paper exists in English only and can be downloaded from https:/economy-finance.ec.europa.

4、eu/ecfin-publications_en.Luxembourg:Publications Office of the European Union,2025 PDF ISBN 978-92-68-27422-4 ISSN 2443-8014 doi:10.2765/5652264 KC-01-25-052-EN-N European Union,2025 Reuse is authorised provided the source is acknowledged.The reuse policy of European Commission documents is regulate

5、d by Decision 2011/833/EU(OJ L 330,14.12.2011,p.39).For any use or reproduction of material that is not under the EU copyright,permission must be sought directly from the copyright holders.CREDIT Cover photography:iS European Commission Directorate-General for Economic and Financial Affairs European

6、 Economic Forecast Spring 2025 EUROPEAN ECONOMY Institutional Paper 318 ABBREVIATIONS iii Countries and regions EU European Union EA Euro area BE Belgium BG Bulgaria CZ Czechia DK Denmark DE Germany EE Estonia IE Ireland EL Greece ES Spain FR France HR Croatia IT Italy CY Cyprus LV Latvia LT Lithuan