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US-driven trade uncertainty forces EU to lower eurozone growth projection

Xinhua | Updated: 2018-07-12 20:29

BRUSSELS - The European Commission downgraded its growth forecast for the eurozone this year due to external factors such as US trade uncertainty and high oil prices, the Commission said Thursday in a statement.

Commission's summer interim forecast, issued on Thursday, put eurozone economic growth this year at 2.1 percent, 0.2 percentage point lower than that had been projected in the spring.

"The slight downward revision compared to the spring reflects the impact on confidence of trade tensions and policy uncertainty, as well as rising energy prices," said Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs.

Growth momentum is expected to strengthen somewhat in the second half of this year, as labor market conditions improve, household debt declines, consumer confidence remains high and monetary policy remains supportive, according to the report.

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