Euro Forecast: Jobless Total To Stay Static

Written By Unknown on Jumat, 03 Mei 2013 | 18.56

Unemployment levels are not expected to reduce significantly in any key eurozone nation during 2014, according to new forecasts released by the European Commission.

Recession in 2013 in the eurozone will be worse than expected, with GDP slipping 0.4% against a previous forecast of -0.3%.

The commission's spring forecast showed the situation improving however in 2014 in the nations sharing the euro, with growth at 1.2%, slightly less than forecast in February.

But France and Italy are both expected to see jobless numbers rise next year, it said.

However Spain is set to see dole queues drop by 0.6% while Greece's are expected to reduce by 1%, the commission added.

Meanwhile Germany, which is Europe's biggest economy, has been forecast to see a drop of just 0.1% in its jobless, down to 5.3%.

Across the 17-nation eurozone the commission said it expected the unemployed total to also ease by 0.1% in 2014, to 12.1%.

The commission said that in total across the whole 27 nations of the EU, which includes Britain, unemployment would remain static at 11.1% in both 2013 and 2014.

The commission warned that Cyprus, which has just gone through a major banking crisis, would head into a sharp recession.

It said GDP would contract in Cyprus in 2013-14 by 12.6%.

The forecasts come a day after the European Central Bank cut its base rate to an historic low of 0.5%.


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