EU upgrades growth forecast, sees recovery gaining ground
BRUSSELS (AFP) - The European Union upgraded its economic forecasts on Tuesday, betting that a modest recovery is now sustainable as member states push ahead with reforms.
The 18-nation eurozone should grow 1.2 per cent this year and 1.8 per cent in 2015, slightly up from previous estimates given in November for 1.1 per cent and 1.7 per cent, the European Commission said.
Similarly, the full 28-member EU will expand 1.5 per cent this year and 2.0 per cent in 2015, also both revised up by 0.1 percentage point.
"Recovery is gaining ground in Europe.... Rebalancing of the European economy has been progressing and external competitiveness is improving," EU Economic Affairs Commissioner Olli Rehn said.