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Financial News: EU Raises Eurozone Growth Forecast

EU Raises Eurozone Growth Forecast

11/09/2017 - 06:07:00 (RTTNews)

(RTTNews) - The European Commission raised its growth projections for the euro area as domestic demand propels economic growth amid improving labor market conditions and strong global growth.

In the Autumn Forecast, released Thursday, the EU said the currency bloc will grow 2.2 percent this year instead of prior projection of 1.7 percent.

The agency noted that the EU economy continues to glide forward on the wings of favorable financing conditions made possible by accommodative monetary policies, with additional thrust from improving labor market conditions and stronger global growth and trade.

However, citing slowing employment growth, lower increases in real disposable incomes and moderating investment growth, the commission said Eurozone growth would moderate slightly over the forecast horizon, to 2.1 percent in 2018. Nonetheless, this was bigger than the 1.8 percent forecast previously.

For 2019, the commission projected 1.9 percent expansion.

Inflation is forecast to pickup gradually in the remainder of 2018 and throughout 2019. The commission projected headline inflation to slow to 1.4 percent in 2018 and to tick slightly higher to 1.6 percent in 2019.

Given the ongoing negotiation on the terms of the UK withdrawal from the EU, projections for 2019 are based on a purely technical assumption of status quo in terms of trading relations between the EU27 and the UK, the commission said.

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