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Central Bank Slashes Eurozone Economic Forecast
The European Central Bank has revised downward its 2013 outlook for the eurozone economy to 0.3% contraction from its previous forecast of 0.5% growth.
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The European Central Bank has revised downward its 2013 outlook for the eurozone economy to 0.3% contraction from its previous forecast of 0.5% growth.
The ECB predicts the gross domestic product of the 17-country bloc will expand between 0.2% and 2.2% in 2014.
The central bank expects the region's economy to shrink 0.5% this year, 0.1 point worse than its earlier projection.
"Persistent uncertainty" is weighing on consumer and business confidence, according to the ECB. It cites Europe's continuing sovereign debt crisis, geopolitical issues and U.S. fiscal policy.
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