Forecast for eurozone growth is cut back amid surging oil prices

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Series Details 4.4.05
Publication Date 04/04/2005
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In its Spring Economic Forecast 2005, the European Commission said it expected eurozone growth of just 1.6 per cent in 2005, compared with its forecast of October 2004 of 2 per cent and the 2 per cent estimated growth in 2004. Surging oil prices, which reached a peak on 4 April 2005, and the strong euro had forced the European Commission to cut substantially its forecast for eurozone growth in 2005, heightening fears about the slowdown's global impact.

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European Commission: Press release: IP/05/384 http://europa.eu/rapid/pressReleasesAction.do?reference=IP/05/384&format=HTML&aged=0&language=EN&guiLanguage=en

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