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EU lifts growth forecasts for eurozone

by ChemOrbis Editorial Team -
  • 06/02/2015 (12:30)
According to media reports, the European Union has lifted its growth forecasts for the eurozone. EU economists cited lower crude oil prices and a weaker euro as the main reasons behind their higher growth forecasts, stating that plunging crude oil prices will help raise corporate profits and household incomes while the weaker euro will increase exports from the region.

As per the union’s recent forecasts, the eurozone economy will grow by 1.3% this year and 1.9% in 2016, both up 0.2% when compared to the growth forecasts reported in November.

The EU reportedly raised their growth estimates for the region’s largest economies, including Germany, France and Spain, while the union lowered its growth forecast for Greece to 2.5% from 2.9% this year due to economic uncertainty following the recent elections.
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