BRUSSELS (AP) — Europe's economic recovery will continue into the second half of the year, though at a subdued pace, while unemployment will remain high through next year, the European Commission said Tuesday.
The European Union's economy is expected to grow by 0.5 percent over the second half of the year and be flat for the whole year, returning to growth of 1.4 percent in 2014, according to the Commission's fall forecast. Its last forecast in May still expected an economic decline of 0.1 percent in 2013.
The Commission, the EU's executive arm, also expects the 17-country eurozone to continue its recovery from a protracted recession, from which it emerged in the second quarter. However, over 2013 as a whole, the eurozone is still expected to record a decline of 0.4 percent. In 2014, though, the Commission is penciling in 1.1 percent growth, revised downward from a 1.2 percent in its last forecast.
"There are increasing signs that the European economy has reached a turning point," said the EU's Commissioner for Economic and Monetary Affairs, Olli Rehn.