The European Commission released it economic growth forecast for the Eurozone on Thursday. Eurozone's economic growth for 2015 was upgraded to 1.6%, up from a previous estimate of 1.5%. Eurozone's economic growth for 2016 was cut to 1.8% from a previous estimate of 1.9%.

The European Central Bank's quantitative easing supports the economic growth in the Eurozone, the European Commission noted.

"The impact of the positive factors is fading, while new challenges are appearing, such as the slowdown in emerging market economies and global trade," it added.

"The European economy remains on recovery course. Looking to 2016, we see growth rising and unemployment and fiscal deficits falling. Yet the improvements are still unevenly spread: particularly in the euro area, convergence is not happening fast enough. Major challenges remain: insufficient investment, economic structures that hold back jobs and growth, and persistently high levels of private and public debt," Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici, said in a statement.

German economic growth for 2015 was lowered to 1.7% from a previous estimate of 1.7%. Germany's economic growth for 2016 was downgraded to 1.9% from a previous estimate of 2.0%.

The European Commission downgraded the Greek GDP growth for 2015 to -1.4% from a previous estimate of 0.5%. Greece's economic growth for 2016 was lowered to -1.3% from a previous estimate of 2.9%.

French economic growth for 2015 remained unchanged at 1.1%. France's economic growth for 2016 was cut to 1.4% from a previous estimate of 1.7%.

The European Commission upgraded the Italian GDP growth for 2015 to 0.6% from a previous estimate of 0.9%. Italy's economic growth for 2016 was raised to 1.4% from a previous estimate of 1.5%.

Spanish economic growth for 2015 was raised to 3.1%, up from a previous estimate of 2.8%. Spain's economic growth for 2016 was upgraded to 2.7% from a previous estimate of 2.6%.