EU lowers estimates for eurozone growth

Added On July 12, 2019

The European Commission on Wednesday confirmed its prediction that economic growth in the eurozone would be at 1.2 percent this year.
It also revised down its estimate for next year's growth, which is now at 1.4 percent instead of the 1.5 percent forecast in May.
The commission said the economic slowdown in the eurozone was mostly caused by weaker growth in Germany, the eurozone's largest economy, and weaker growth in Italy.
A representative of the EU Commission said external factors including global trade tensions and significant policy uncertainty pose a risk to the near-term outlook for the European economy.
European Union's Economic Commissioner
"The economic outlook- I want to insist on that- remain subject to number of interconnected downside risks. An extended U.S. -China confrontation together with elevated uncertainties around U.S. trade policy could protract the current downturn in global trade and manufacturing with a possible negative impact on other regions and sectors."