Brussels, 15/09/2014 (Agence Europe) - On Monday 15 September, the OECD reduced to 0.8% the growth in Eurozone GDP for 2014. Growth in the zone is expected to virtually flat-line in 2015 compared 2014, as the average GDP will rise by just 1.1%, according to the OECD's calculations.
These annual figures confirm the statements made on Saturday 13 September by the vice-president of the ECB, Vítor Costâncio, following the informal Ecofin Council. “The Eurozone will grow again in the third quarter but full-year growth will be below 1%”, he predicted.
These low levels of European growth constitute “the most worrying aspect” stressed by the OECD in its press release. In France, GDP is expected to grow by just 0.4% this year and 1.0% next year, and these figures are in line with those of the French government (see EUROPE 11152). Even Germany has not been spared. German growth is expected to rise by 1.5% in both 2014 and 2015. The most decisive revision in the Eurozone is for Italy, with the OECD announcing a recession (-0.4%) for this year and just 0.1% growth next year. The United Kingdom, on the other hand, is expected to continue on its respectable growth curve, with an increase in national GDP of 3.1% in 2014 and 2.8% in 2015. (MB)