EC downgrades GDP growth forecast for 2019

The European economy is expected to grow for the seventh year in a row in 2019, albeit more moderately, European Commission estimated. According to the Commission's forecasts, economic activity moderated in the second half of last year as global trade growth slowed and uncertainty sapped confidence.

As a result, gross domestic product (GDP) growth in both the euro area and the EU likely slipped to 1.9 percent in 2018, down from 2.4 percent in 2017. The EU GDP growth forecast has also been revised down to 1.5 percent in 2019 and 1.7 percent in 2020.