Posted by: youngragingbull | February 22, 2013

Eurozone economy to contract again in 2013: European Commission

The eurozone economy will shrink for the second year in a row as a return to growth appears likely to be more gradual than previously expected, the European Commission said Friday in its most recent round of economic forecasts.

The commission, which is the executive arm of the European Union, forecast eurozone gross domestic product would contract by 0.3% this year after shrinking 0.6% in 2012.

The commission expects the economy to rebound with growth of 1.4% in 2014.

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