EU forecasts only modest growth amid global uncertainty

The European Union forecasts that economic growth is likely to remain moderate in the 19 countries that share the euro in the near future in the face of a likely rise in the price of oil and the common currency.

Although the eurozone economy in the first quarter regained the size it was before the 2008 financial crisis, EU Commissioner Pierre Moscovici said that the recovery "remains uneven" both between the 19 nations sharing the currency and between the wealthy and poor.

The EU's spring economic forecast said that the eurozone economy would grow by 1.6 percent in 2016, 0.1 points less than in 2015, before bouncing back to 1.8 percent in 2017, slightly lower than expectations three months ago.