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.

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Comments (2)
  • al roman
    , contributor
    Comments (17152) | Send Message
     
    Europe use same fuzzy math as the Hill.
    5 Nov 2013, 06:30 AM Reply Like
  • User 353732
    , contributor
    Comments (5158) | 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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