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The European Commission cut its Eurozone growth forecast for this year to 1.2 percent from 1.3 percent in February's prediction, citing tightened global financing conditions, unresolved trade tensions, disruptions in the car manufacturing sector, social tensions, as well as uncertainty related to Brexit. Among the bloc's largest economies, Germany suffered the biggest cut with EU officials saying the country is likely to grow by only 0.5 percent in 2019 against 1.1 percent previously estimated. Projections for Italy were also trimmed (0.1 percent vs 0.2 percent previously) while those for France and Spain were unchanged at 1.3 percent and 2.1 percent respectively.

The European Commission cut its Eurozone growth forecast for this year to 1.3 percent Thursday from 1.9 percent in its earlier forecast last autumn, citing "large uncertainty" from Brexit negotiations, slowing growth in China and weakening global trade. Among the bloc's largest economies, Italy suffered the biggest cut, with EU officials saying the country is likely to grow by only 0.2 percent in 2019 against 1.2 percent previously estimated. Projections were also trimmed for Germany (1.1 percent vs 1.8 percent previously), France (1.3 percent vs 1.6 percent) and Spain (2.1 percent vs 2.2 percent).