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Posted on : Thursday 2nd July 2020 03:30 PM

EU Commission Cuts Growth Outlook Over Trade Pressures

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The European Union's executive commission has clipped its forecast for eurozone expansion this year and next as uncertainty over trade battles and continued weakness in the auto industry keep back output.


The commission decreased its perspective for growth this year in the 19 countries that use the euro to 1.2 percent from 1.3 percent in its preceding estimate in February. The forecast for next year was decreased to 1.5 percent from 1.6 percent.


The commission announced that domestic demand alone was maintaining Europe's upswing going in its seventh year, by way of a strong job market, muted inflation and reduced borrowing costs.


Europe is greatly reliant on trade and has sensed the consequences from slowing global commerce and the trade dispute between the U.S. and China.


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