(MENAFN- Saudi Press Agency)
Brussels, Shawwal 06, 1437, July 11, 2016, SPA -- 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, according to dpa.
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."
--SPA
22:28 LOCAL TIME 19:28 GMT
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