Normandy property may be boosted by rate cuts as Eurozone economy contracts

Friday, 14th November, 2008 by admin
Normandy property may be more attractive to overseas investors if projections from the Organisation for Economic Co-operation and Development (OECD) of a slowdown in the Eurozone follow through.

Jorgen Elmeskov, director of policy studies in the Economics Department of the OECD, forecast that economic activity in the Eurozone could fall by 0.5 per cent over the next year.

Thus, buying Normandy property may be less costly if the euro falls against the pound.

Mr Elmeskov predicted that gross domestic product (GDP) for OECD countries will drop by 0.3 per cent year-on-year before improving in

However, he said that the economic outlook is far from certain and stated: "Against this backdrop, additional macroeconomic stimulus is needed."

This may involve more eurozone rate cuts, which could make the currency cheaper against the pound.

A Bloomberg news survey of 39 economists has also forecast an economic slowdown in the Eurozone.

It suggested that GDP for the 15 euro nations slipped by 0.2 per cent over the last three months compared to the preceding quarter.

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