Green traffic lights shine above the city of Frankfurt, Germany, Tuesday, Feb. 5, 2019. (AP Photo/Michael Probst)

EU slashes its forecasts for eurozone economic growth

February 07, 2019 - 5:04 am

BRUSSELS (AP) — European Union officials have slashed their growth forecast for the 19 countries that use the euro, saying even the reduced estimate was vulnerable to "large uncertainty" from slowing growth in China and weakening global trade.

The EU's executive Commission cut the forecast for this year to 1.3 percent from 1.9 percent in their earlier forecast last autumn.

The eurozone probably grew 1.9 percent last year, slowing from a 10-year high of 2.4 percent in 2017. A raft of risks is stalking the European and global economies, including China's slowdown, a trade dispute between the U.S. and China that has created new import taxes, and the chance that Britain could leave the European Union in March in a chaotic fashion without approving a transition agreement.

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