Brussels, 15.07.2004 (Agence Europe) - On Thursday, the European Commission reviewed downward its growth forecasts for the euro zone during the third quarter 2004, bringing them down to between 0.3 and 0.7% compared to 0.4 and 0.8% in its previous estimate. Estimates for the second quarter remain within the 0.3 to 0.7% range.
In a press release, Eurostat points out that during the first quarter 2004, moreover, the Gross Domestic Product (GDP) of the euro zone and that of the 25-member Union (EU25) increased by 0.6% compared to the previous quarter. Greece recorded the highest rate of growth (+2.9%) followed by Lithuania (+1.4%), Estonia (+1.2%), France (+0.8%), Belgium, the Netherlands, Finland and the United Kingdom (all with +0.7% each). The lowest growth rates were noted in Cyprus and Austria (+0.2%). The EU's Statistical Office also notes that, compared to the first quarter of 2003, GDP in the euro zone increased by 1.3% and that of the EU25 by 1.7% after +0.7% and +1.1% respectively during the previous quarter.