European Subnational Outlook 2015

Following a strong start to 2014, the European economy has disappointed and become increasingly susceptible to external shocks.

The unstable situation in Ukraine and the mutual trade sanctions imposed by the European Union and Russia pose a particular risk to those European regions whose production or markets are exposed to EU-Russia trade. Within the European Union, the U.K. economy will be one of the best-performing economies in Western Europe in 2015. Growth also powers on in Central and Eastern Europe, while the overall euro zone’s underperformance will continue into 2015. The euro zone economy grew just 0.2% in the three months to September; Spain, France, and the smaller periphery countries contributed to the growth, while Italy dragged on it and Germany expanded .....

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