ECSC financial report 1994

Abstract

Economic background and development of ECSC industries The economic situation in the European Union in 1994 1994 saw a resumption of economic growth. According to the most recent Commission estimates, made 1n May 1995, Commun1ty GOP grew by 2.75% 1n 1994, followmg a 0.5% decline 1n 1993. The main engines of recovery were stock-build1ng and strong export growth.The contrast that had emerged 1n 1992-93 between econom1c re-cession in the European Un1on and expansion in the wider world economy continued to help exporters in 1994, w1th strong demand from non-member countries (especially the United States of Amenca, Latin America and As1a).