The euro zone economy will continue to grow in the second half of the year, even if only modestly, boosted by private consumption and a small growth in employment, the European Central Bank said in an Economic Bulletin.

"Incoming data and survey results point to moderate but positive economic growth in the second half of 2019," the ECB said in the bulletin, which is largely consistent with its October policy statement. "This growth pattern can be primarily attributed to weak global trade and prolonged uncertainties."

"Risks to the global economy remain to the downside amid a further escalation of trade disputes, high uncertainty related to Brexit and a potentially slower recovery in a number of emerging market economies," the ECB added.