European economies knocked out by oil prices and unemployment

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Monday April 04, 12:03

European economies knocked out by oil prices and unemployment

(by Brigitta Zulfitzler)

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European economies knocked out by oil prices and unemployment

Euro-region manufacturing growth slowed in March as oil prices surged adding financial burden on manufacturers which fight for increase of in consumer spending rate.

Heavy concerns were aroused by the report which showed that the purchasing managers index based on a investigation of about 3,000 companies fell to 50.4 from 51.9 in February.

Growth will slow to 1.6 % this year, less than the 2 % predicted in October, the commission said today in Brussels. The commission lowered its 2006 prediction to 2.1 % from 2.2 %. The economy expanded 2 percent in 2004.

A surge in oil prices by 85 % over the past 12 months and a 8.9 % jobless rate caused a drop in consumers’ purchasing power and corporate incomes. As a result, Germany, Italy, Greece and Portugal became threatened with the budget deficits in excess of the EU limit of 3 % of gross domestic product this year.

That is no wonder that investors are loosing their hopes for the European Central Bank to raise interest rates.

The slowdown of the European and Japan’s manufacturing growth seems even more bitter while the U.S. managed to keep its rate growing. The biggest European economies will go on regressing while the U.S. keeps growing in the coming years, the Paris-based Organization for Economic Cooperation and Development said last month.

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