Eurozone Economic Growth Slows to 2003 Level

Edinburgh–Eurozone economic growth has decreased to its slowest pace since 2003, showcasing the European Central Bank’s problems as oil prices drive inflation higher, according to a recent survey by the Edinburgh-headquartered Royal Bank of Scotland and NTC Economics.In May, economic activity in the 15-country region grew only moderately, and jobs increased at the slowest rate…

Edinburgh–Eurozone economic growth has decreased to its slowest pace since 2003, showcasing the European Central Bank’s problems as oil prices drive inflation higher, according to a recent survey by the Edinburgh-headquartered Royal Bank of Scotland and NTC Economics.In May, economic activity in the 15-country region grew only moderately, and jobs increased at the slowest rate since 2006, the Financial Times reported FridayIncreased oil prices, a stronger euro and the reduced U.S. economy have weighed on growth.“The euro area private sector will have ground to a halt by mid-year,” said Jacques Cailloux of Royal Bank of Scotland.At 3.3 percent in April, Eurozone inflation is already higher than its 2 percent target annual rate; rising oil prices could push rates up to 4 percent in the next few months, according to the Times.

You May Also Like