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7/11/05

IHT: Oil prices threaten EU growth

International Herald Tribune

Oil prices threaten EU growth

Joaquín Almunia, the European commissioner for economic and monetary affairs, said that oil prices might lower euro-zone economic growth this year by 0.2 percentage point, to 1.4 percent, according to an article to be published Monday in the German newspaper Die Welt. High oil prices and a strong euro already led the European Commission in April to cut its growth estimate for euro-zone gross domestic product this year to 1.6 percent from the 2 percent forecast last October.

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