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The ECB Lowers 2013 Growth Estimates

“…In his opening statement, Draghi reiterates previous comments about how he sees a gradual economic recovery in the eurozone later this year, and that the ECB will keep policy accommodative as long as needed.

Draghi says the ECB has downgraded its 2013 euro area GDP growth forecast to -0.6%, but upgrades its 2014 forecast to 1.0%. Risks to growth remain on the downside.

On the inflation front, the ECB’s 2013 forecast has been downgraded to 1.4%, while the 2014 inflation forecast is unchanged at 1.3%. Upside and downside risks to inflation remain broadly balanced….”

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