The EU on Thursday sharply cut its eurozone growth forecast for 2024 after a "weak" start to the year, although it expected economic activity to "accelerate gradually".

The European Commission said it predicts the single-currency economic area to grow by 0.8 percent in 2024, down from a previous forecast of 1.2 percent. "After narrowly avoiding a technical recession in the second half of last year, prospects for the EU economy in the first quarter of 2024 remain weak," the commission said.