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EC: Eurozone Economy Won’t Grow Until 2014
The economy of the 17-country eurozone, which contracted 0.6% in the final quarter of 2012, will shrink 0.3% this year, the European Commission predicts.
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The economy of the 17-country eurozone, which contracted 0.6% in the final quarter of 2012, will shrink 0.3% this year, the European Commission predicts.
The EC expects the region's gross domestic product to expand 1.4% in 2014.
The commission previously forecast that the eurozone economy would edge up 0.1% in 2013. But lower spending by business, consumers and governments will cause record 12.2% unemployment, according to the group. It says those job losses and a shortage of bank lending will delay the region's rebound until late this year.
The economy of the 27-nation EU will creep up 0.1% in 2013 and grow 1.6% next year, the EC predicts. The commission previously projected 0.4% expansion this year.
The EC anticipates growth in 2013 in Germany (+0.5%), France (+1%) and the U.K. (+0.9%). The commission forecasts declines in Italy (-1.0%) and Spain (-1.4%).
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