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Business

EU Ups Growth Forecast for Euro Zone

The EU Commission has upped its forecast for growth in the euro zone, the countries where the euro is used as the common currency. At a meeting of EU finance ministers in the Netherlands over the weekend, Economic Affairs Commissioner Joaquin Almunia said he expected growth to come in at about 2 percent this year. Europe's bankers are also more optimistic. The euro zone economy is recovering more quickly than anticipated. Some sectors, like telecommunications and steel manufacturing, are performing especially well. The European Central Bank has raised its growth forecast for the euro zone to 2 point 3 percent for next year. And higher oil prices haven't slowed growth as much as had been expected.

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