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S&P lowers Eurozone GDP forecasts for 2012/13

September 26, 2012

Standard & Poor’s yesterday lowered its growth expectations for the euro zone this year and next as economic indicators continue to paint a bleak picture for the region. The ratings agency now expects Eurozone gross domestic product to contract 0.8% this year (having forecast a 0.7% contraction in July).

GDP growth is projected to remain flat in 2013 (previous projection: 0.3% increase). The recent data “are confirming our view that the region is entering a new period of recession, after three quarters of negative or flat growth since the final quarter of 2010,” said Jean-Michel Six, chief economist for Europe, Middle East and Africa at S&P.