Trade turmoil forces EU to trim forecasts

Trade turmoil forces EU to trim forecasts
European Commissioner for Economic and Financial Affairs Pierre Moscovici in Brussels. Pic: Getty

Despite solid growth, the European Commission warned that Ireland’s outlook was 'clouded by uncertainty', particularly about Brexit and potential changes in the international tax regime

The European Commission has trimmed its growth forecasts for the euro zone and Ireland for this year and next year, blaming a recent slowdown in growth worldwide and uncertainty about world trade amid tensions between the US and China.

For Ireland, the commission’s spring forecast sees GDP growth slowing from 2018’s 6.7 per cent to 3.8 per cent this year and 3.4 per cent in 2020. Previous forecasts were for 4.1 per cent and 3.7 per cent for 2019 and 2020 respectively.

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