A euro coin and a pound coin on top of a U.K. passport | Matt Cardy/Getty Images Despite growth, EU economies get mixed grades The Commission’s upbeat economic projection for the bloc masks significant divergences among individual countries.

The European Commission's latest growth forecasts for this year and next for EU countries are unspectacular but, all told, it's good news.

For individual countries, however, plenty of challenges remain.

The Commission's "Spring Forecast" unveiled on Wednesday shows Europe is entering another year of growth — the fifth in a row — with the eurozone economy expanding by 1.7 percent this year. That momentum is predicted to continue into 2018 with a growth rate of 1.8 percent for the common-currency zone, while GDP for the EU as a whole is forecast to expand at 1.9 percent in 2017 and 2018.

In making the announcement, Pierre Moscovici, the commissioner in charge of economic and financial affairs, was all smiles. “It is good news ... the high uncertainty that has characterized the past 12 months may be starting to ease,” he said.

But he was also quick to remind journalists that risks to the forecast remain on the downside, as Brexit talks draw closer and questions persist over the health of the EU’s banking sector.

As ever, the devil is in the detail. The latest data will serve as a basis for the Commission’s country-specific policy recommendations later this month to help EU members stay within the bloc’s budget deficit rules.

Those rules set a 3 percent of GDP limit on the budget deficit and a 60 percent of GDP ceiling on public debt for eurozone countries.

POLITICO took a deeper look at some of the key countries driving Europe's economic agenda and graded their current performances.

FRANCE: C-

The defeat of France’s anti-EU presidential candidate, Marine Le Pen, was greeted with a great sigh of relief within the Brussels bubble. And yet Commission President Jean-Claude Juncker took little time to slam France’s national spending habits and disregard for the EU's deficit rules, which have landed the country in hot water.

Wednesday’s data support that notion, as France’s headline budget deficit came in at 3.4 percent of economic output in 2016, which is 0.1 percentage points worse than an earlier forecast suggested in February. But now the Commission expects France to arrive at the 3 percent threshold this year ­— as reform-minded Emmanuel Macron prepares to take office. Trouble is, if the new president fails to straighten out public finances, the Commission projects the deficit to bounce up to 3.2 percent in 2018. Time is not on the side of the young French leader.

ITALY: D

Italy has been through a lot in the last 12 months. Earthquakes, a failed referendum, and persistent concerns over the mountain of bad loans saddling Italian banks have led Rome to appeal repeatedly to Brussels to show flexibility on its public finances.

As a result, the Commission has refrained from cracking the fiscal whip too hard, despite Italian public debt of 132.6 percent of GDP in 2016 — which is set to increase to 133.1 percent this year. To ease the Commission's concerns, Rome has drawn up a list of reforms that aim to tackle its debt problem. The Commission's latest forecast hints that the efforts may be enough for now. But it’s clear Rome remains on thin ice.

UK: B

The soon-to-be EU dropout has performed better than expected, despite the Brexit hubbub. The U.K.’s GDP growth held steady at 1.8 percent last year, and is expected to continue at the same level through 2017. Even its public debt is set to improve. In 2016, the U.K.’s debt hit 89.3 percent of GDP, but is forecast to drop to 87.9 percent by 2018.

Brexiteers may gloat. But the U.K.'s short-term outlook offers little guarantee for the future. “Private consumption has been hit by prices which are going up faster than salaries, and productive investment is stagnating [due to] uncertainties related to the [Brexit] negotiations to take place,” Moscovici warned. Translation: Things will get worse before they get better again.

GREECE: In detention



It’s no surprise that the Hellenic state is still struggling, especially as it rushes to complete a list of reform commitments by the end of the month in order to secure the next round of cash from its €86 billion bailout program. Progress has been excruciatingly slow, raising concerns that it won't be able to service its debt due in July, which amounts to roughly €7 billion.

Those concerns were enough to impact Greece’s economic growth outlook, which the Commission revised down to 2.1 percent for this year, from its initial forecast of 2.7 percent.

Given that Greece is only half-way through its bailout program, the Commission will not give the country any specific recommendations to sort its economy out. Instead, Moscovici reaffirmed his confidence in Greece’s ability to reach “the agreed primary surplus targets of 1.75 percent of GDP for 2017, and 3.5 percent of GDP in 2018.” But others may not hold their breath.