The Economist May 17, 2014 Taking Europe's pulse European Union countries' currency status ▪ Euro area ▪ Currency pegged to euro • Floating currency IRELAND A I L A !ir T I C OCEA rtg 500 kr FINLAND ESTONIA LATVIA DEN L UANIA aH. BELG. GERMANY LUX. POLAND UNGARY • MALTA • ROMANIA GREECE f', d — CYPRUS THE European recovery remains intact but got off to a disappointing start in the first three months of 2014, when GDP rose by just 0.3% across the 28-strong European Union and a still poorer 0.2% across the 18-state euro area, according to figures from Eurostat on May 15th. Forecasts in early May from the European Commission had already suggested that the recovery would be modest this year but gather momentum in 2015. GDP in the EU will expand by 1.6% this year and 2.0% in 2015. Euro-wide GDP will rise by 1.2% in 2014 and 1.7% in 2015. This year's growth will be too feeble to counter worryingly low inflation, prompting further monetary stimulus from the European Central Bank. Easily the worst performer this year will be Cyprus, whose national output will continue to tumble, by 4.8%. All other countries in the euro zone are expected to expand, with Finland growing the slowest, by Maga of 2 EFTA01122824