Mubasher: The European economy continued its moderate rise for the fourth straight year, boosted by consumption, according to a statement from the European Commission.

Europe recorded this modest growth at a time most several global economies suffer difficulties due to major challenges and growth risks.

EU economic growth will likely hit 1.7% this year, compared with 1.6% in 2015, and then would reach 1.9% in 2017.

EU inflation is expected to decline in 2016, the European Central Bank said on Thursday, noting that the latest indicators show unstable growth rates in the EU.