Trade wars produce no winners, only casualties.” The European Commission has downgraded its 2018 economic growth forecast for the European Union to 2.1% from 2.3% in the spring. The EC also cut its growth estimates for the bloc's major economies, including the UK, which was revised down to 1.3% from 1.5%, the second-lowest of the member nations. French expansion was forecast at 1.7% from 2%. In a separate report, Germany's economy grew by 0.3% last year, compared with an increase of 0.4% in France and 0.2% in Britain. uncertainty surrounding Brexit and weak consumer confidence were weighing on the UK economy, while the EU faced geopolitical headwinds.
The European Commission has downgraded its 2018 economic growth forecast for the European Union to 2.1% from 2.3% in the spring. The EC also cut its growth estimates for the bloc's major economies, including the UK, which was revised down to 1.3% from 1.5%, the second-lowest of the member nations. French expansion was forecast at 1.7% from 2%. In a separate report, Germany's economy grew by 0.3% last year, compared with an increase of 0.4% in France and 0.2% in Britain. uncertainty surrounding Brexit and weak consumer confidence were weighing on the UK economy, while the EU faced geopolitical headwinds.