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07.11.2019 18:21

European Union trims 2019 eurozone growth forecasts

Europe's economy is settling into a pattern of "subdued" expansion as global trade tensions weigh on the export-oriented bloc, the European Union said, slashing growth expectations and calling for more stimulus.

Gross domestic product in the 19-member eurozone will grow by 1.1% in 2019, the EU said, cutting its 1.2% forecast from July. The expansion rate is seen rising to 1.2% next year, down from 1.4% previously expected, and remain at 1.2% in 2021.

The EU's economic outlook is deteriorating as the U.S.-China trade war saps global growth. That in turn is dampening investments and manufacturing in Europe, where domestic demand isn't strong enough to drive robust economic expansion.

Eurozone growth could be further hampered by a sharper-than-expected slowdown in China's economy, as Beijing tries to cushion the blows from its trade spat with the U.S., the EU said.

A no-deal Brexit would also exacerbate weaknesses in the manufacturing sector and further erode domestically oriented industries' performance, according to the EU.


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