The European Union has released its latest forecast for the economy, predicting a modest recovery in the 19-country Eurozone, despite the recent sharp declines in both the price of oil and the euro.
EU economic officials are predicting the Eurozone will grow by 1.3-percent in 2015.
This is up from the 1.1-percent estimate in November.
And at the same time, in the broader 28-nation European Union, economists are predicting all member-economies will grow for the first time in 8 years, with combined expansion set to hit 1.7-percent this year.
Pierre Moscovici is the EU's top economic official.
"The outlook remains one of a modest recovery. Growth is set to gradually pick up speed as the impact of adverse factors on growth gradually fade. This is of course welcome news. At the same time it is important to retain the necessary sense of perspective, the underlying challenges facing the European economy have not disappeared, and this recovery is still low and slow."
But at the same time, the European Union is warning that weak investment and high unemployment continue to undermine progress.
It’s also warning geopolitical tensions and financial market volatility are adding increased uncertainty to the economic outlook.
The EU is forecasting 11.2-percent unemployment by year's end.
This would be just slightly lower than the current rate of 11.4-percent.
