fog.png
Monday December 9th, 2019 1:32PM

EU trims economic growth forecasts amid trade tensions

By The Associated Press
Related Articles
  Contact Editor

BRUSSELS (AP) — The European Union said Wednesday it has trimmed its forecasts for economic growth next year as global trade tensions weigh on the bloc's export-focused manufacturers.

The EU executive commission reduced its forecast for next year for both the 19-country eurozone and the 27 countries that are due to remain in the bloc after Britain leaves, which is scheduled to happen at the end of October.

Eurozone growth is expected to pick up from 1.2% this year to just 1.4% in 2020, down from a previous estimate of 1.5%. Growth in the EU - without Britain - is forecast to rise from 1.4% to 1.6% next year, down from the 1.7% estimated previously.

The European commissioner in charge of economic affairs, Pierre Moscovici, said there were risks to the region and highlighted "growing trade tensions."

"A couple of sectors have been hit hard: external trade and manufacturing," he said while presenting the EU's interim forecast.

He said that growth was being supported by a strengthened labor market, but there is still a risk that the economy might do worse than forecast due to "any further escalation of trade tensions."

The U.S. government has imposed tariffs on several countries, including EU states but particularly China. The battle between the U.S. and China has weighed on business sentiment around the world and also has knock-on effects on European businesses, which produce and sell in each of those markets.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Trump defends Acosta but will look into Epstein plea deal
Trump defends Acosta, but says he'll look into Epstein plea deal
5:20AM ( 5 minutes ago )
EU trims economic growth forecasts amid trade tensions
The European Union has trimmed its forecasts for economic growth next year as global trade tensions weigh on the continent's export-focused manufacturers
5:16AM ( 9 minutes ago )
"The Lion King" cast talks reimagining the Disney classic
"The Lion King" cast talks reimagining the Disney classic at the world premiere in Hollywood
4:45AM ( 40 minutes ago )
Associated Press (AP)
Asian markets mixed, pausing ahead of Fed chief testimony
Asian shares are mixed in cautious trading ahead of closely watched congressional testimony by Federal Reserve Chair Jerome Powell
3:12AM ( 2 hours ago )
As Beetle ends, iconic original thrives in Mexico City hills
In a hilly outer district of Mexico City, residents still rely on the original no-frills Beetle, praising it for its affordability, reparability and dexterity at handling the area's steep streets as the car's modern cousin is set to cease production
2:58AM ( 2 hours ago )
Biden earned more than $15 million after leaving White House
Joe Biden's newly released presidential tax returns and financial disclosure show that he and his wife, Jill, have earned more than $15 million since leaving the Obama White House
12:31AM ( 4 hours ago )
AP Business
Ivory Coast passes legislation encouraged by Ivanka Trump
Ivanka Trump is applauding the recent passage of legislation in Ivory Coast related to changes she pushed during her April trip to Africa
9:42PM ( 7 hours ago )
H. Ross Perot rose from poverty to self-made billionaire
H. Ross Perot rose from a childhood of Depression-era poverty to become a self-made billionaire who twice ran for president with a mixture of folksy sayings and simple solutions to America's problems
5:51PM ( 11 hours ago )
S&P 500 snaps 2-day losing streak; mixed finish for stocks
Wall Street capped a day of listless trading Tuesday with modest gains, narrowly avoiding a three-day losing streak for the S&P 500 index
5:00PM ( 12 hours ago )
AP Business - Economy
Trump defends Acosta but will look into Epstein plea deal
Trump defends Acosta, but says he'll look into Epstein plea deal
5:20AM ( 5 minutes ago )
"The Lion King" cast talks reimagining the Disney classic
"The Lion King" cast talks reimagining the Disney classic at the world premiere in Hollywood
4:45AM ( 40 minutes ago )
US, Chinese trade envoys in 1st contact after Trump-Xi truce
US, Chinese trade envoys in 1st phone contact after Trump-Xi truce
4:42AM ( 43 minutes ago )
Outrage over killing of black teen over rap music complaint
Hundreds of people including presidential candidate Cory Booker have spoken out on Twitter about the killing of a 17-year-old black youth, allegedly by a white man charged Tuesday with first-degree murder who said the youth's rap music threatened him
4:42AM ( 43 minutes ago )
Judge blocks government lawyers from quitting census fight
A New York judge says the Justice Department can't change lawyers so late in the dispute over whether to add a citizenship question to the 2020 census
3:45AM ( 1 hour ago )