European recovery

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European recovery on track, but moderate and uneven

ZURICH | By UBS analysts | The economic recovery in the Eurozone remains on track, but Q1 GDP data have once again shown the slow pace of growth and wide discrepancies that exist between individual economies. We cut our 2014 Eurozone growth forecast to 1.0% (from 1.1%) and continue to project 1.5% growth for 2015. Nominal GDP growth is expected to pick up to 1.7% this year and 2.7% in 2015, but nonetheless, it remains much slower than would be desirable to accelerate debt deleveraging