The growth of gross domestic product (gross domestic product) of the euro area (GDP) last year was considerably slowed down compared to 2017, when it was 2.4 percent. This is mainly attributed to trade-related uncertainties between the US and China and Brexit, according to the French AFP news agency.
According to the Eurostat Eurostat statistical office, the eurozone experienced economic growth of 1.8% last year, while the eurozone was 1.9%.
Slow growth of the old continent at the end of the year is a major disappointment. "The broader view of the end of the year was somewhat sad … and the first trimester's odds this year are not better," Capitalist Economist Andrew Kenningham evaluated for AFP.
In the last quarter of the year economic growth in the EU and the euro area remained roughly the same as in the third quarter. Compared to 2017 and 2018, economic growth slowed in the last quarter – in the eurozone from 1.6% to 1.2%, and from the EU 1.8% to 1.5%.
The economies of Germany, France and Italy are decreasing
All major European economies are chilling. According to the first estimate by the German statistical office Destatis, Germany grew by 1.5% last year after it had grown by 2.2% in 2016 and 2017. Growth is the slowest in the last five years.
French economic growth has also slowed down, with the chaos associated with the protest of yellow jackets. French GDP, according to the Insee Statistical Office, strengthened by 1.5 percent last year, which is 0.8 percentage points less than the increase in 2017.
Italy in recession, Conte miri
Italy is concerned about concerns, which went into recession in the last quarter of this year. The volume of GDP fell by 0.1% in the third quarter of last quarter, which is by 0.1% less, according to the Italian statistical office Istat.
The latest figures are strong pressure on the populist government of the third largest European economy, which the government took over in June last year with pre-election promises, in particular on strengthening the poorest aid, and in December, abolishing budget and calming the financial markets under the roof had to hide very ambitious Expensive goals.
Istat announced that the decline in the economy was affected by the agriculture, forestry, industry and fisheries sectors, while the increase in exports could not compensate for the deficit, the BBC reported.
Italian Prime Minister Giuseppe Conte attributed the state of play to slowing down the economy of most important trading partners, such as China and Germany. At the same time, he calmed down:There are signs that the economy will recover in the second half of the year."
The IMF reduced the growth prognosis
The International Monetary Fund (IMF) has lowered the eurozone economic growth forecast 10 years ago. This year's growth is expected to reach 1.6 percent, or 0.3 percentage points less than the previous forecast. For the next year, the IMF remains at a predictable growth of 1.7%.