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Germany Headed for Recession, EU Commission Says
The European Commission forecast on Wednesday that Europe’s largest economy is heading for a recession this year and said Britain and Spain too are in for a major economic downturn.
Warning of tough times ahead, the European Commission on Wednesday estimated the three EU heavyweights would see two consecutive quarters of economic contraction over the course of this year.
“The outlook for growth has clearly worsened for the second half of this year,” Economic and Monetary Affairs Commissioner Joaquin Almunia said. He blamed high energy and food prices as well as a global financial slowdown for the slump.
The executive arm of the EU also cut the bloc’s 2008 growth estimates for a second time in seven months, this time to 1.4 per cent. The Commission had previously forecast a Gross Domestic Product (GDP) growth rate for the 27-member bloc of 2.0 per cent.
The commission’s February interim estimate had in turn been revised down by about half a percentage point from its November forecast.
GDP for the 15-member eurozone, which shares the common Euro currency, was similarly revised down, from 1.7 per cent to 1.3 per cent, in line with analysts’ expectations.
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