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EC: No Growth in Eurozone Economy This Year
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. Now the EC projects that record 12.2% unemployment will delay the recovery.
The GDP of the 27-nation European Union will creep up 0.1% this year and grow 1.6% next year, the commission predicts. It previously expected 0.4% growth in 2013.
The EC anticipates economic expansion this year in Germany (+0.5%), France (+1%) and the U.K. (+0.9%). The commission forecasts contraction in Italy (-1.0%) and Spain (-1.4%).
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