EU Commission cuts Eurozone 2016 GDP forecast to +1.6% vs +1.7% last

In their latest economic outlook review, the EU Commission downwardly revised Eurozone 2016 GDP forecast.

Key Points:

2016 GDP forecast to +1.6% vs +1.7% prev

2017 forecast +1.8% vs +1.9% prev

EZ 2016 inflation f/cast +0.2% vs +0.5% prev

2017 inflation +1.4% vs +1.5% prev

UK 2016 GDP +1.8% vs +2.4% prev, 2017 GDP +1.9% vs +2.2% prev

France 2016 GDP +1.3% vs +1.4% prev. 2016 +1.7% as prev

France will miss nominal budget deficit reduction target next year unless it takes action

Italy's debt won't fall this year after rising last year and breaching EU rules

Spain's structural deficit will rise this year and next, breaching EU recommendations

Spain will miss goal of cutting deficit below 3% this year and also next year.