European economy expected to grow faster than forecast, says EU

Revised outlook for 2023 and 2024 puts average growth for 27-member bloc at 1%

• Eurozone growth and inflation forecasts lifted - business live

Europe's economy is expected to grow faster than previously thought this year and next, despite high inflation and rising interest rates, according to the European Commission.

The commission said the EU's 27 members would grow at an average of 1% in 2023, up from a previous estimate of 0.8%. It nudged its forecast for growth in 2024 to 1.7% from 1.6%.