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S&P Slices Euro Zone and UK Growth Forecasts After Brexit Vote

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Euro zone economic growth will take a knock in 2017 and 2018 because of the U.K.’s vote to leave the European Union (EU), S&P Global Ratings said on Monday.

“For the euro zone, despite the increased uncertainties and the hit to foreign demand resulting from Brexit, we do not at this point expect the recovery to stall. However, we estimate the Brexit effect will cost the euro zone 0.8 percent of GDP (gross domestic product) over 2017 and 2018,” the ratings agency said in a report.

CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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