The U.K. economy is likely to expand only 0.9% in 2013, after a 0.3% drop in this year, compared to a previous estimate of 0.5% in 2012 and 1.7% in 2013. In the meanwhile, the economy continued growing in the quarter to October by adding 0.5%.
German's economy is expected to expand only 0.2% in the third quarter, down from 0.5% and 0.3% increase in the first and second quarters, respectively. The slowdown may be explained by a fall in both internal and external demand.
The head of the European Central Bank has warned that time is running out to resolve the crisis in the eurozone as the latest figures showed the 17 nations of the single currency have slid into a double-dip recession.
The European Union's top economic official sought to rule out any write-off of Greece's debt to governments on Thursday after a European Central Bank policymaker said for the first time that a "haircut" on part of it was probable.