European Commission revises growth rates down due to inflation

04:39

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Europe

European Commission revises growth rates down due to inflation

The European Commission has lowered growth predictions and signaled the persistence of inflation for the medium to long term. According to the EU, the Bloc's economy will expand by just 0.8 percent this year and 1.4 percent next year, a downgrade from predictions of 1 percent growth this year and 1.7 the next. Looking more closely, the new figures predict a contraction in German real gross domestic product of 0.4 percent, compared with a previously forecast rise of 0.2 percent. Paolo Gentiloni, the European commissioner for the economy, said "When the largest economy of the union is in slightly negative growth this will be affecting everyone"...