Economic growth in the 12-country euro zone slowed to 0.3% in the second quarter but activity should pick up by the end of 2005, the Eurostat statistics agency said today.
Economic growth slowed from 0.4% in the first quarter of the year to 0.3% in the second quarter, Eurostat said, confirming an earlier estimate.
The European Union's executive commission, meanwhile, stuck to forecasts for faster activity later in the year, predicting 0.2-0.6% growth in the third quarter and 0.4-0.8% in the final quarter.
Last week, the head of the European Commission's economics department, Klaus Regling, said the quarterly figures indicated that the euro zone was on course for annual growth this year of 1.2%. However, the commission's official forecast for economic growth this year is expected to remain 1.6% until it publishes its autumn estimates next month.
In the broader 25-nation EU, Eurostat said the economy grew 0.4% in the second quarter, revising slightly higher an earlier estimate of 0.3%.
