BRUSSELS, May 11 (UPI) -- The European Commission on Friday issued lower projections for economic growth on the continent for 2012 and 2013.
For the 27-member European Union economic output is expected to be level in 2012 and up 1.3 percent in 2013.
For the 17-member eurozone -- the region that shares the euro as currency -- projections call for a 0.3 percent contraction in 2012 and 1.3 percent growth for 2013.
In France in 2012 and 2013, the gross domestic product is expected to grow 0.5 percent and 1.3 percent, respectively. In Germany, GDP growth is expected to reach 0.7 percent and 1.7 percent, respectively.
Growth in Spain: minus 1.8 percent in 2012 and minus 0.3 percent in 2013. In Italy, a 1.4 percent contraction in 2012 is expected to turn around to 0.4 percent growth in 2013.
In Britain, growth was pegged at 0.5 percent (2012) and 1.7 percent (2013). Poland is expected to enjoy relatively stronger growth of 2.7 percent and 2.6 percent in the next two years.
The commission also projected debt ratios. For the EU, debt is expected at 86 percent and 87 percent of GDP growth in 2012 and 2013, respectively. In the eurozone, the debt to GDP ratio is expected to be 92 percent and 93 percent, this year and next.
