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EU Trims '00 Growth Estimate To Below 3% As Sentiment Ebbs.(A)
Byline: AP
The European Union said Tuesday it would cut its growthestimate for Europe to below 3%, conceding that the continent is not as insulated as it thought from economic problems in the U.S. and Japan.
The announcement came as a new batch of statistics showed industrial confidence in Europe was off more than expected last month, while consumer sentiment and unemployment held steady.
The European Commission, the EU's executive body, said its next growth forecasts, due April 25, would be down from those issued in November.
The Commission then said that the 12 euro-using countries should grow 3.2% this year and the entire 15-nation EU by 3.1%.
"There is likely to be a slowdown of the European economy with growth not much below 3%," said Gerassimos Thomas, spokesman for EU Economics CommissionerPedro Solbes.
"There have been some negative developments, but also some positive ones."
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