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Eurozone economy forecast to grow modestly: think tanks

Xinhua, October 12, 2016 Adjust font size:

The economic growth in eurozone is forecast to see a modest upturn in the short term, three think tanks said on Tuesday in a joint forecast report.

Economic output in the euro area is expected to grow by 0.4 percent in the fourth quarter of 2016 and in the first quarter of 2017 respectively, following the growth of 0.3 percent in the second and third quarters of 2016, according to the latest forecast by the Munich-based Ifo institute, the French Insee institute, and Italy's Istat institute.

The report noted that the marginal improvement will primarily be driven by slightly stronger external demand and a stabilization in private consumption growth rates.

In addition, the report said that the Brexit referendum is not expected to have any notable impact on trade between the Eurozone and Britain in the months ahead.

"If uncertainty in the European Union were to increase, however, the investment climate could deteriorate significantly," the three think tanks commented. Endit