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The European Union cut its economic growth forecasts for the region, saying rising geopolitical risks in Ukraine and the Middle East and a broader global slowdown have eroded business and consumer confidence since the spring.

The downgraded outlook, released Tuesday, is bad news for the U.S. economy because Europe is a major market for American exports.

"It would be an added head wind," said Gary Schlossberg, senior economist at Wells Capital Management. "You'd still see economic growth here, but it would be weaker than it would be."

Europe's troubles come amid slower economic growth elsewhere in the world, which helped drive up the U.S. trade deficit in September.

The Commerce Department reported Tuesday that U.S. exports dropped by about $3 billion, or 1.5%, to $195.6 billion, from August.

The decrease caused the nation's trade deficit to rise by 7.6% to $43 billion, the largest gap since May.

Analysts expect that the widening trade deficit will lead federal statisticians to lower U.S. economic growth in the third quarter in an upcoming revision Nov. 25.

"The bottom line is that the third quarter was not as good as it looked on the surface," Patrick Newport and Michael Montgomery, U.S. economists at IHS Global Insight, said in a research note.

The new trade figures should knock about 0.5 percentage point from the Commerce Department's initial estimate of a 3.5% annual growth rate for the quarter, they said.

A government report Monday showing that construction spending unexpectedly fell in September for the second straight month also should cause a downward tick in the revised report, taking the quarterly growth down to a 2.9% annual rate, Newport and Montgomery said.

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EU economic growth outlook dims on rising geopolitical risks

Nov 04, 2014 By Rayyan Sabet-Parry and wire reports, RIGA

British Prime Minister David Cameron (photo: creative commons)

Estonia strongly supports Great Britain's role in the European Union, Estonia's Prime Minister Taavi Roivas has said on Tuesday.

The Prime Ministers comments come amid fears Britain may leave the European Union in the near future. British Prime Minister David Cameron said he wants to curb the number of immigrants crossing its borders whilst a referendum on Britain in the European Union will be held in 2017. In response, German Chancellor Anglea Merkel said Cameron's stance could lead to a UK exit in the EU.

Speaking to members of Estonia's parliament, Roivas said he would like to see the UK remain in the European Union.

"The answer is unequivocally supportive to Great Britain continuing as an EU member," said Rivas.

"The fact that their presidency is directly before us, also means that British Prime Minister David Cameron will be setting next to me on the left hand side at the Council table, and we can converse with him about European politics, British politics, Estonian things," said the Prime Minister.

"Regardless of that, Great Britain is in any case very important in Europe and a very important member state. I do not like to think about perspectives, that would be if Britain would not be in the EU," added Rivas.

Estonian Prime Minister Taavi Roivas (photo: creative commons)

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We support UK in European Union says Estonia PM

SINGAPORE: Prime Minister Lee Hsien Loong has written a valedictory letter to Mr Jose Manuel Barroso who officially stepped down as President of the European Commission on Oct 31. He was succeeded by new PresidentJean-Claude Juncker.

Mr Lee lauded him for overseeing the European Union as Europe went through a challenging period, and for strengthened relations between Singapore and the EU, which culminated in a free trade agreement. His letter, sent on Oct 31, was released to the media by Ministry of Foreign Affairs on Tuesday (Nov 4). It is reproduced below.

Dear Mr Barroso,

As you step down as President of the European Commission, I write to congratulate you on your distinguished service to the European community over the past decade.

Your Presidency coincided with an exceptional and challenging period for Europe and the world. You oversaw the expansion of the European Union, the consolidation and structural reforms of European institutions, and the evolution of the Union towards greater integration, particularly with the Lisbon Treaty. The EU has grown into a significant global player.

During your Presidency, relations between the European Union and Singapore have strengthened, culminating in the conclusion of the EU-Singapore Free Trade Agreement and EU-Singapore Partnership and Cooperation Agreement. When ratified, they will benefit our businesses and serve as building blocks for future regional agreements and further anchor relations between our two regions.

My best wishes for your continued good health, and every success in your endeavours.

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Prime Minister Lee praises ex-European Commission President Barroso

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