The euro area economy is projected to grow at a slightly slower pace this year and next, according to survey of professional forecasters, published by the European Central Bank.
Real GDP growth expectations revised down for 2018 to 2 percent from 2.2 percent and that for next year to 1.8 percent from 1.9 percent. Meanwhile, the estimate for 2020 was retained at 1.6 percent.
Average longer-term expectations for real GDP growth remained unchanged at 1.6 percent.
HICP inflation is set to average 1.7 percent for each of 2018, 2019 and 2020. These results were unchanged from the previous survey. Average longer-term inflation expectations remained stable at 1.9 percent.
Unemployment rate expectations were revised slightly down by 0.1 percentage point for each of the years 2018, 2019 and 2020 to stand at 8.2 percent, 7.8 percent and 7.5 percent, respectively.