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    EC Reduces Eurozone's GDP Estimates Within 0.6 pp up to 2015

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    In its Autumn forecast for 2014 and 2015 the European Commission expets the eurozone's real GDP growth to worsen and gives a forecast of an up to 1.7 percent acceleration of growth for 2016.

    BRUSSELS, November 4 (RIA Novosti) — European Commission (EC) in its Autumn forecast worsened estimates of the eurozone's real GDP growth for 2014 and 2015 within 0.6 percentage points and gave a forecast for 2016.

    EC expects, that in 2014 GDP growth will constitute 0.8 percent, while in Spring the hopes for 1.2 percent were pinned. Next year it presupposes growth for 1.1 percent comparing to the previous 1.7 percent estimate in. EC expects the GDP growth to accelerate up to 1.7 percent in 2016.

    "Against this background, growth in the EU is forecast to rise to 1.5% in 2015 and then increase modestly to 2.0% in 2016, while in the euro area, growth is forecast to reach 1.1 percent and then 1.7 percent," according to the forecast.

    "The EU's recovery appears particularly weak, not only in comparison to other advanced economies but to historical examples of post-financial crisis recoveries as well, even though these too were typically sow and fragile," the forecast overview said.

    EC has slightly ameliorated unemployment forecast, although the indicators are still high. The estimates for the next year constitute 11.6 percent in comparison with 11.8 percent in the Spring forecast, while next year it will be 11.3 percent against 11.4 percent. EC believes that unemployment will decrease up to 10.8 percent in 2016. It is the first time the 2016 forecast is made.

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    European Union, forecast, GDP, European Commission, Europe
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