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ECB Raises European Growth Forecasts
The European Central Bank has slightly increased its forecast for economic growth in the eurozone through 2019.
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The European Central Bank has slightly increased its forecast for economic growth in the eurozone through 2019. But it held interest rates steady and hinted that no further rate cuts are like anytime soon.
ECB has raised its expansion rates by 0.1 point each to 1.9% this year, 1.8% in 2018 and 1.7% in 2019. President Mario Draghi says risks to growth are now “broadly balanced” after describing them in April as “tilted to the downside.”
The bank now predicts an inflation rate of 1.5% this year, down from an earlier forecast of 1.7%. ECB's new inflation forecasts for 2018 and 2019 are 1.3% (down from 1.6%) and 1.6% (down from 1.7%), respectively.
Separately, the EU’s Eurostat data agency reported a seasonally adjusted first-quarter growth rate of 1.9% year on year compared with 0.3% for the U.S.
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