European Union trims growth outlook |
| MarketWatch - Apr 28, 2008 |
The European Commission on Monday again trimmed its forecast for growth across the European Union and the 15-nation euro zone, citing weakening investment growth and slowing personal consumption amid the ongoing global credit crunch.
The commission projected that growth in gross domestic product in the euro zone will slow to a 1.7% rate in 2008 and fade further to 1.5% in 2009, after 2007 growth of 2.6%. The EU had forecast 2008 growth of 1.8% in February.
Inflation across the European Union and the euro zone is also expected to surge due to rising food and energy prices, the commission said. In the euro area, consumer prices are forecast to rise 3.2% in 2008, coming down to 2.2% in 2009.
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- Posted: 2008-04-28 08:49:43
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