EU raises growth outlook; GDP forecast to rise 1.5%

Brussels

THE European Commission raised its euro-area growth forecast as the impact of a weaker euro and unprecedented monetary stimulus help the economy overcome pressure on confidence from the continuing crisis in Greece.

Gross domestic product (GDP) in the 19-nation currency bloc is forecast to increase 1.5 per cent this year, up from 1.3 per cent in February, according to the commission, the European Union executive in Brussels.