BRUSSELS -- The European Commission said on Tuesday that the bloc's economic growth will moderate this year, and then strengthen in 2020.

The economic expansion in the euro area is forecast to continue at an annual rate of 1.2 percent this year and 1.4 percent in the 28-member European Union, "slightly less than expected in the winter," according to the European Economic Forecast published by the Commission, the EU's executive arm.

The Gross Domestic Product (GDP) is forecast to grow by 1.5 percent in 2020 in the euro area and 1.7 percent in the 27 member states, excluding the United Kingdom.