EU Head Office Trims 2005 Growth Forecast
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The European Union's head office issued a bleak economic report Tuesday, warning that the sharp rise in oil prices will "take its toll" on economic growth next year while the euro's renewed climb could threaten crucial exports.
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France signalled it will slash its budget overspending next year to come into line with EU rules in a 2005 budget published on Wednesday and forecast economic growth of 2.5 percent.
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BRUSSELS, Belgium  - The growth of the euro-zone economy slowed in the final quarter of 2004 as Germany, the Netherlands, Italy and Greece each experienced a contraction in output, European Union data showed Tuesday.
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US economic growth will slow to 3.3 per cent in 2005, more than a full percentage point below this year, with the effect of high energy prices dragging on the economy for the next few quarters, the OECD said on Tuesday.
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The Organization for Economic Cooperation and Development (OECD) on Tuesday cut its 2004 forecast for US economic growth to 4.3 percent but raised its growth predictions for the euro zone and for Japan.
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The euro-zone economy grew by 0.5 percent in the second quarter of 2004, a touch slower than in the first three months of the year, according to initial estimates released Tuesday by the European Union.
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The French economy is expected to grow 2.1 percent this year, but will limp through the first half of 2005 at a 1.4 percent pace that threatens the official full-year target of 2.5 percent, the national statistics office INSEE said.
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LONDON, November 30  - The Organization for Economic Co-operation and Development (OECD) has reduced its global economic growth forecast for 2005 to reflect the negative impact of the high oil prices on global trade and consumer
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BRUSSELS The European Union&#39;s executive arm issued a bleak economic report on Tuesday, warning that the sharp rise in oil prices would &quot;take its toll&quot; on economic growth next year while the euro&#39;s renewed climb could threaten exports.
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Eurozone growth falls by more than half between April and June 2007, official EU figures show.
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The British economy will pursue growth of 2.5-2.75 percent until the end of 2008, according to the OECD.
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The European Central Bank will cut  its euro zone economic growth forecasts for the next two years  when official projections are released on Thursday, a monetary  source told Reuters.
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Record high oil prices will cut euro zone growth next year and further sharp euro gains could make matters worse, the European Commission said on Tuesday.
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Economic growth in the euro area slowed to 3 percent while the EU as a whole expanded by a slower 3.2 percent in the first three months of the year as household spending barely moved, the European Union said Friday.
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Germany's economic recovery will continue at a slower pace than expected, an economics institute said Tuesday as it lowered its 2005 growth forecast to 1.4 percent from 2.1 percent.
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France signalled it will slash its public overspending next year to come into line with EU rules in a 2005 budget published on Wednesday and forecast economic growth of 2.5 percent.
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The European Commission cut its growth forecast for 2005, saying record oil prices will damp global demand and warned that five of the 12 countries using the euro will post deficits at or above European limits next year.