FX.co ★ Eurozone economic growth forecast worsened

The analysts at UBS Group AG, the largest Swiss financial holding company, have worsened the eurozone economic growth forecast for 2015/16. According to the new data, GDP will grow by 1.4% in 2015 instead of the previous 1.6% and by 1.9% in 2016 instead of 2%.
However, the experts remain positive about the eurozone economic recovery.
Quite recently, Moody’s international rating agency has confirmed the expectations about the eurozone GDP growth of 1.5% in 2015/16. Analysts note that Greek membership in the eurozone has a favourable impact on business confidence in Europe.
In early June, the European Central Bank has cut its eurozone 2015/16 economic growth forecast to 1.5% and 1.9% respectively.