RobertB
November 9th, 2007, 06:26 PM
EU sees financial market stress, oil prices weighing on growth
by Leigh Thomas Fri Nov 9, 8:25 AM ET
BRUSSELS (AFP) - European economic growth will be weaker than previously expected next year, the European Commission warned Friday, blaming distressed financial markets, a relentless rise in oil prices and a weakening US economy.
In an autumn update of its economic forecasts, the European Union's executive arm cut its 2008 growth estimate for the 13 nations sharing the euro to 2.2 percent from the 2.5 percent projected in May.
But the European Commission lifted slightly its 2007 estimate to 2.6 percent from 2.5 percent previously despite the growing risks facing economic growth in Europe.
http://news.yahoo.com/s/afp/20071109/bs_afp/eueurozoneeconomygrowth;_ylt=Atc_1bIUupCwUMBNgc7jG WOyBhIF
by Leigh Thomas Fri Nov 9, 8:25 AM ET
BRUSSELS (AFP) - European economic growth will be weaker than previously expected next year, the European Commission warned Friday, blaming distressed financial markets, a relentless rise in oil prices and a weakening US economy.
In an autumn update of its economic forecasts, the European Union's executive arm cut its 2008 growth estimate for the 13 nations sharing the euro to 2.2 percent from the 2.5 percent projected in May.
But the European Commission lifted slightly its 2007 estimate to 2.6 percent from 2.5 percent previously despite the growing risks facing economic growth in Europe.
http://news.yahoo.com/s/afp/20071109/bs_afp/eueurozoneeconomygrowth;_ylt=Atc_1bIUupCwUMBNgc7jG WOyBhIF