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EU cuts growth forecast for eurozone

  • 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.
  • ETFs - Stocks: EZU, VGK, FEZ, EPV, IEV, ADRU, FEP, FDD, UPV, EPV, DFE, FEU, FEEU. Bonds: EU. Euro: FXE, ERO, ULE, URR, EUO, DRR, EUFX
Comments (2)
  • al roman
    , contributor
    Comments (6708) | Send Message
     
    Europe use same fuzzy math as the Hill.
    5 Nov 2013, 06:30 AM Reply Like
  • User 353732
    , contributor
    Comments (4910) | Send Message
     
    This has been the pattern for the past 10 years: predictions of stagnation or decline this year followed by growth next year and the year after. But...the growth never comes because the dysfunctions and pathologies don't change.
    5 Nov 2013, 06:49 AM Reply Like
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