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EC Cuts Eurozone Growth Outlook
The European Commission has chopped its 2013 forecast for the eurozone economy to a scant 0.1% expansion from its previous prediction of 1% growth.
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The European Commission has chopped its 2013 forecast for the eurozone economy to a scant 0.1% expansion from its previous prediction of 1% growth.
Eurozone unemployment, now at 11.9%, is likely to peak at 12% next year, the EC estimates.
The commission now expects the broader EU economy to grow just 0.4% next year compared with the 1.3% increase it previously predicted. The EC also slashed its 2013 projection of 1.7% expansion in the U.K. and Germany next year to 0.9% and 0.8% growth, respectively.
For the current year, the group forecasts eurozone contraction of 0.4%, 0.1 point worse than its previous outlook. It expects the EU economy to shrink 0.3% instead of remaining unchanged from 2011.
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