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Euro-Area Economy Headed for 2-Year Slump

EC lowers forecast; now predicts 0.4% decline in GDP in 2013.

By Rebecca Christie, Bloomberg | Updated on May 03, 2013

The euro-area economy will shrink more than previously expected in 2013 as part of a two-year slump that has pushed up unemployment to a record, the European Commission said in new forecasts today.

Gross domestic product in the 17-nation region will fall 0.4 percent this year, compared with a February prediction of a 0.3 percent, the Brussels-based commission said today. This follows a 0.6 percent contraction in 2012 and shows the region headed for its first ever back-to-back years of falling output.

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