EU slightly lowers economic growth for euro zone this year

BRUSSELS, April 28 (Xinhua) -- The European Commission on Monday slightly lowered its forecast for economic growth in the euro zone this year to 1.7 percent.

It was cut down further from 1.8 percent predicted by the European Union's (EU) executive arm in its previous forecast in February.

The growth rate in the 15-nation bloc sharing the same currency euro was 2.6 percent in 2007.

"The moderation in growth results from the persisting turmoil in the financial markets, the marked slowdown in the United States and soaring commodity prices, all of which are taking their toll on global activity," the Commission said in its spring economic forecast.

Economic growth in the euro zone was expected to slow down further to 1.5 percent in 2009, according to the latest forecast.

In the 27-nation EU, the Commission's forecast economic growth would reach 2.0 percent in 2008 and 1.8 percent in 2009, down from2.8 percent last year.