EU: Brexit could cut growth in the bloc by 0.5 per cent next year

Britain's decision to leave the European Union could reduce gross domestic product (GDP) in the bloc by 0.2 to 0.5 per cent next year, says EU Economy Commissioner Pierre Moscovici.

The figure is a preliminary assessment and "can be changed if we are capable of limiting uncertainty and delivering the proper policy response," he notes.

The commission expects the Brexit vote to reduce British GDP by between 1 and 2.5 per cent in the same period, he adds.

Moscovici calls on the new British government to formally notify its intention to leave the EU as soon as possible, noting that "the longer the uncertainty lasts, the costlier it will be for the economy."

Last update: Mon, 11/07/2016 - 20:52

More from Europe

Ukraine moves to ban imports of Russian books

The import of Russian books into Ukraine would be sharply limited under new legislation passed in the Ukrainian...

Frankfurt airport test-runs new automatic immigration system

Frankfurt airport was testing out a new automatic immigration system on Thursday, the first time such a system has...

Italian president starts 48-hour round of talks on post-Renzi crisis

Italian President Sergio Mattarella was starting Thursday the hard slog of lifting his country from a political...

10 Italian school classes vote "Mein Kampf" among their top books

Ten classes of Italian high-school students included Adolf Hitler's anti-Semitic manifesto "Mein Kampf" among their...

France's Le Pen says she opposes free schooling for migrant children

French politician and head of the far right National Front party Marine Le Pen said Thursday that free education...