European Commission lowers growth, inflation estimates for eurozone on uncertainty over US trade policy
The European Commission lowered its estimates on Wednesday for eurozone growth and inflation, saying uncertainty over US trade policy posed a major risk to the bloc.
Risks for the bloc have increased, the commission said, and mostly come from "the elevated uncertainty" around United States' trade policy, as Washington keeps threatening punitive tariffs on a broad range of EU products. This year's forecast matches the ECB's projection, but for 2020 the commission's estimate is lower than the 1.4 percent rate forecast by the central bank in its latest projections, released in June. That could give the ECB a reason to push ahead with fresh stimulus.The commission confirmed the economic slowdown in the eurozone was mostly caused by weaker growth in Germany, the eurozone's largest economy, and Italy, its third largest.
Forecasts for Italy remained unchanged, reiterating its economy will barely grow this year, seeing the worst growth rate in the whole EU. Next year's growth is expected to accelerate to 0.7 percent but remain the slowest in the bloc.
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