News Summary: EU sees Eurozone recession worsening

AP News
Posted: Nov 07, 2012 4:26 PM

SLOWING GROWTH: The European Commission revised down its forecast for the 27-country region's gross domestic product, which it now expects to grow by just 0.4 percent in 2013, compared with expectations this spring of 1.3 percent growth.

CHUGGING ALONG: The commission had previously expected the bloc of 17 countries that use the euro to find its footing next year, with 1 percent growth. Now it predicts only a 0.1 percent uptick.

AUSTERITY: Countries that use the euro have slashed spending and promised to keep their deficits in check as well as vowing to protect their banks better by improving regulation.