Germany's economy has started to show signs of slowing, as Europe's debt crisis takes a toll on growth in the region's powerhouse, European officials said Wednesday.
The eurozone economy is expected to stagnate in 2013, after shrinking by 0.4% this year. And the broader European Union is expected to see a contraction of 0.3% this year.
Rising unemployment, higher taxes and reduced government spending will offset the positive effect of a gradual recovery in net exports from the 17 eurozone nations, the European Commission said in its latest economic forecasts.
"Given the weak starting point, GDP in 2013 as a whole is projected to grow by only 0.5% in the EU and to remain broadly stable in the euro area," it said, projecting eurozone GDP growth of just 0.1% next year.
The International Monetary Fund last month forecast eurozone growth of 0.2% in 2013.
- 1ECB monetary policy decisions
- 1Crude Oil Falls Most in a Week
- 1Greek 'No' effect on Stocks and Forex market
- 1Jobs Report Disappoints, Participation Rate Falls to Lowest Since 1977
- 1U.S. private sector adds 237,000 jobs in June: ADP
- 4U.S. Index Futures Fall as Consumer Prices Show Inflation Pickup
- 4Euro-Area Bonds Climb as Coeure Says ECB to Expedite Purchases
- 4Bank of England says UK economy to grow by 2.5% in 2015
- 4Oil glut worsens as OPEC market-share battle just beginning: IEA
- 4Retail Sales Little Changed as Americans Reluctant to Splurge
Follow ForexSQ on Social Networks
adp apple asia stocks asian stocks australian dollar bank of england bank of japan bernanke best forex news boe boj bonds canadian dollar china china economy crude oil currencies currency currency news currency trading dollar dollar index dow dow jones draghi ecb economy economy news egypt eur eur/usd euro euro crisis euro zone europe stocks european central bank european stock markets european stocks eurozone eurusd facebook fed federal reserve fomc forex forex news forex trading forex trading news franc fx fx news gbp/usd germany gold gold price google greece grexit imf iphone japan jpmorgan merkel nasdaq nfp obama oil oil price oil prices opec payrolls pound price of oil putin ruble russia s&p 500 spain stock stock futures stock market stocks swiss franc u.s dollar u.s. dollar u.s. economy u.s. stock u.s. stock futures u.s. stocks ukraine unemployment rate us dollar us economy us stocks usd usd/jpy wall street yellen yen yuan
“Yes, Dollar is stable and fix and it is useful for...”
“there is no gold savior anymore...”
“i think us stocks has bubble these days...”
“Federal Reserve want to have more control on banks...”
“actually forex traders know more about ite...”
“i know grexit will destroy euro 1finally...”
“most of forex traders shocked by euro falling...”
“oil prices will fall down more...”
“unexpectedly good nfp news for US dollar...”
“swiss national bank destroyed the forex market by its false decision...”