Angela Merkel #39;s warning to the UK is "bloodcurdling"
Angela Merkel #39;s suggestion that she would rather see the UK leave the European Union than compromise over the principle of free movement is driven by domestic politics, David Davis has said....
By: Skendong
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Angela Merkel's warning to the UK is "bloodcurdling" - Video
Britain shrugs off German concerns over plans to curb EU migration
British #39;s Prime Minister David Cameron is insisting he will pursue migrant curbs within the European Union regardless of German anxiety. The issue #39; follows an online Spiegel article which...
By: euronews (in English)
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Britain shrugs off German concerns over plans to curb EU migration - Video
IRG PRO - Investment Residency in Greece
During the past few years, Greece, with the help of the International Monetary Fund (IMF) and the European Union (EU), has managed to stabilize its economy and in combination with the significant...
By: Investment and Residency
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IRG PRO - Investment & Residency in Greece - Video
The European Union on Tuesday cut its economic growth forecasts for the region, saying rising geopolitical risks in Ukraine and the Middle East and a broader global slowdown have eroded business and consumer confidence since the spring.
The downgraded outlook is bad news for the U.S. economy because Europe is a major market for American exports.
Europe's troubles come amid weaker economic growth elsewhere in the world, which helped drive up the U.S. trade deficit in September.
The Commerce Department reported Tuesday that U.S. exports dropped by about $3 billion, or 1.5%, to $195.6 billion, from August.
The decrease caused the nation's trade deficit to rise by 7.6% to $43 billion, the largest gap since May.
The economy in the 18-nation Eurozone, the area that uses the euro currency, is forecast to expand just 0.8% this year and 1.1% next year, according to the latest estimate from the European Commission, the region's executive body.
Those figures are down from a spring forecast of 1.2% growth this year and 1.7% next year.
The outlook is better for the broader 28-nation European Union, which includes the United Kingdom, but still was downgraded from the spring.
The EU economy is expected to expand 1.3% this year and 1.5% next year. The spring forecast called for 1.6% growth this year and 2% next year.
The economic and employment situation is not improving fast enough, said Jyrki Katainen, the commission's vice president for jobs, growth, investment and competitiveness.
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European Union cuts economic growth forecast amid global tensions
The European Union cut its economic growth forecasts for the region, saying rising geopolitical risks in Ukraine and the Middle East and a broader global slowdown have eroded business and consumer confidence since the spring.
The downgraded outlook, released Tuesday, is bad news for the U.S. economy because Europe is a major market for American exports.
"It would be an added head wind," said Gary Schlossberg, senior economist at Wells Capital Management. "You'd still see economic growth here, but it would be weaker than it would be."
Europe's troubles come amid slower economic growth elsewhere in the world, which helped drive up the U.S. trade deficit in September.
The Commerce Department reported Tuesday that U.S. exports dropped by about $3 billion, or 1.5%, to $195.6 billion, from August.
The decrease caused the nation's trade deficit to rise by 7.6% to $43 billion, the largest gap since May.
Analysts expect that the widening trade deficit will lead federal statisticians to lower U.S. economic growth in the third quarter in an upcoming revision Nov. 25.
"The bottom line is that the third quarter was not as good as it looked on the surface," Patrick Newport and Michael Montgomery, U.S. economists at IHS Global Insight, said in a research note.
The new trade figures should knock about 0.5 percentage point from the Commerce Department's initial estimate of a 3.5% annual growth rate for the quarter, they said.
A government report Monday showing that construction spending unexpectedly fell in September for the second straight month also should cause a downward tick in the revised report, taking the quarterly growth down to a 2.9% annual rate, Newport and Montgomery said.
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EU economic growth outlook dims on rising geopolitical risks