Since 2012, economic growth has been high, driven by private consumption which accounts for about 70% of the economy. Growth has also been sustained by rising demand for exports.
The UK economy expanded by 2.6% in 2014, the fastest pace of growth since 2007. While consumer spending was the main driver, real fixed investments also increased.
While exports, industrial production and investments are expected to decrease year-on-year in 2015, private consumption is expected to rise 1.1% in 2015.
The Swedish economy is set to grow by 2.4 % in 2015, with industrial production rebounding after three years of decline. Household consumption and investment growth are expected to continue.
The rebound of the Dutch economy is expected to accelerate in 2015, with export growth accompanied by a recovery in private consumption, industrial production and investment.
In 2015, Ireland’s economy is forecast to grow by 3.6%, backed by exports to the US and UK where demand is picking up. Private consumption is expected to increase further.
In contrast to previous years when exports provided the main contribution to German economic growth, household consumption is expected to become the key driver in 2015.
In 2015 the French economy is expected to grow 1.1% as private consumption, manufacturing and exports improve. However, this projected growth rate remains below the forecast eurozone average of 1.4%.
The Danish economy is expected to rebound further, with a 1.8% expansion forecast for 2015 as private consumption and investment growth accelerate and export growth continues.
Belgian economic growth accelerated to 1.0% in 2014 after two years of weak performance. This improvement is expected to continue in 2015, with 1.2% growth in GDP forecast.
