Eurozone growth forecast revised down to 1.6 percent for 2016

The gross domestic product (GDP) growth of the 19-country Eurozone was forecast to be slower than previously expected at 1.6 percent for this year, the European Commission said Tuesday.

The reading was 0.1 percentage points less than the bloc's February forecast and slower than the 1.7 percent growth in 2015, said the EU's executive arm the European Commission in its Spring economic forecast.

The single currency bloc's GDP was predicted to expand by 1.8 percent next year, said the Commission.

The Eurozone's inflation, which has fallen into negative territory in April, was forecast to stand at 0.2 percent in 2016 and 1.4 percent in 2017, which would be still way off the targeted around 2 percent set by its central bank.