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EU Cuts 2013 Growth Forecast as Crisis Weighs on Germany
The European Commission cut its growth forecast for the euro zone as the debt crisis ravages southern Europe and gnaws at the economic performance of export- driven Germany. The 17-nation euro economy will expand 0.1 percent in 2013, down from a May forecast of 1 percent, the Brussels-based commission said today. It cut the forecast for Germany, Europe’s largest economy, to 0.8 percent from 1.7 percent. Europe’s “economy continues to deal with a difficult post- financial crisis correction,” Marco Buti, head of the commission’s economics department, said in a statement. “The distress in more vulnerable ... (full story)
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