LONDON – In an update of its Global Forecast, the Economist Intelligence Unit says it now expects GDP in the 17-nation Eurozone to shrink by 0.4% in 2013, doubling its previously forecast - contraction of 0.2%. The EIU says Government austerity will continue to dent consumer demand, and that bank lending remains weak in most countries. “Nonetheless, Germany's economy is reviving. Manufacturing in February expanded for the first time in a year and business and consumer sentiment are rising steadily,” the EIU says.
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