EC lowers eurozone's GDP forecast

The European Commission revised GDP growth forecast for the euro area citing tensions in the trade with the United States and rising oil prices as main reasons. The forecast was lowered to 2.1 percent from 2.3 percent projected in May.  The outlook for 2019, however, did not change: the growth of 2 percent is expected. The economic slowdown will affect all large economies of the euro area, it is stated.  Italy is expected to show the weakest GDP growth of only 1.3 percent.