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EU economy benefiting from low oil prices

BRUSSELS, May 5 (KUNA) -- Economic growth in the EU is on the upturn, according to the European Commission's Spring 2015 Economic Forecast presented here Tuesday.
Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, told a press conference that "the European economy is enjoying its brightest spring in several years, with the upturn supported by both external factors and policy measures that are beginning to bear fruit." "But more needs to be done to ensure this recovery is more than a seasonal phenomenon. Delivering on investment and reforms and sticking to responsible fiscal policies are key to obtaining the lasting jobs and growth Europe needs," he said.
Moscovici said Europe's economies are benefitting from many supporting factors like low oil prices and steady global growth.
The GDP in 2015 is now expected to rise by 1.8 percent in the EU and by 1.5 percent in the euro area, respectively 0.1 and 0.2 percentage points higher than projected three months ago. For 2016, the Commission forecasts growth of 2.1 percent in the EU and of 1.9 percent in the euro area.
Inflation in the EU is expected to remain close to zero in the first half of 2015, mainly due to the effects of the fall in energy prices. (end) nk.mt