European Commission Says Turning Point is Here But Less Growth Expected

The European Commission has said the European economy has reached a “turning point”, but the eurozone will grow less quickly than previously expected.

The Commission said there were “signs of hope” that had started to turn into “tangible positive outcomes”.

But in the eurozone – the 18 nations that use the euro – it predicted growth of 1.1% next year.

This is the second downward revision of 2014 eurozone growth this year, after it was cut from 1.4% to 1.2% in May.

The Commission forecast that the eurozone would grow 1.7% in 2015. In the EU as a whole, it expects 1.4% growth next year and 1.9% in 2015.

It said overall EU growth would be flat this year, up from its May forecast, but unemployment would stay at 11.1%.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza