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Eurozone growth forecasts revised up

Eurozone growth forecasts revised up

The European Central Bank's latest forecast for growth in 2017 is 2.4 per cent, up from 2.2 per cent in September. The 2018 forecast is revised up to 2.3 per cent, up from 1.8 per cent previously. Finally, growth in 2019, the year of Brexit, is projected to be 1.9 per cent in the eurozone, up from 1.7 per cent.

The European Central Bank (ECB) has lifted its economic growth forecasts as growth across the eurozone picks up. It now expects the eurozone's economy to grow 2.4% this year, ahead of its previous guidance of 2.2%.

The bank also kept its main interest rate at zero and confirmed its asset purchase programme would drop from €60bn to €30bn a month in January.

Pressure on the ECB to tighten policy has been growing as the eurozone economy has gathered strength. The bank also raised its GDP growth forecast for next year to 2.3% from 1.8%, and for 2019 to 1.9% from 1.7%.

The ECB slightly lifted its inflation expectation for next year but its guidance remains below its target of close to, but below, 2%.

- Source: BBC News, Independent