EU revises up 2018 growth forecast for eurozone

Updated 2/7/2018 7:13 AM

BRUSSELS -- The European Commission says the recovery across 19-country eurozone is set to remain fairly buoyant this year.

In its latest forecast, the European Union's executive arm said it expects 2018 growth to be 2.3 percent, just shy of the 2.4 percent rate it is predicting for 2017 - preliminary figures last week from the EU's statistics agency showed the eurozone growing by even more in 2017, by 2.5 percent.

In 2019, the Commission is predicting 2 percent growth.

Economic Affairs Commissioner Pierre Moscovici said "the euro area is enjoying growth rates not seen since before the financial crisis" and noted a "meaningful" rise in investment.

The Commission said growth could exceed expectations in the short-term, but that uncertainties over Brexit and geopolitical tensions might slow things down in the medium-term.

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