Growing Slower

Europe's Common Market is continuing to grow, but not as fast as it once did. Last week the market's Brussels headquarters reported that the gross national product of the Six, which rose 5.4% in 1961 and 4.9% last year, will expand about 4% this year. By contrast the U.S. economy will grow 4.5%.

Leading the gain will be Italy (5.5%) and France (4.5%); lagging will be West Germany (3%) and the Benelux countries (3.5%). Eurocrats blamed last winter's brutal weather for a slowdown early in the year but forecast a 6% jump in industrial production during 1963's fourth quarter.

U.S. investors, who still see a ripe market, will increase their capital spending in Europe's community by 8% to $880 million this year, the U S. Commerce Department estimated last week. But partly because they have pumped in so much already and partly because the Common Market is reaching more maturity, U.S. businessmen next year are expected to cut their investment rate by about 11%.

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