- The European Commission has lowered its 2014 eurozone GDP forecast to 1.1% from a prediction in May of 1.2%, while it expects unemployment of 12.2% vs 12.1% prior.
- The EC also estimates that the eurozone's economy will shrink 0.4% this year following a decline of 0.7% in 2012.
- The commission forecast inflation of 1.5% for next year and 1.4% in 2015, with both figures well below the ECB's target of just under 2%.
- The EC projects that Germany, Belgium, Estonia and Ireland will gain momentum in 2014, although it warned that Spain, Greece, Italy and Portugal will experience much weaker growth.
- The euro is -0.1% at $1.3505.
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EU cuts growth forecast for eurozone
Nov 5 2013, 05:24 ET