ECB raises growth forecasts, cuts 2015 inflation forecast

NICOSIA: The European Central Bank on Thursday raised its forecasts for growth of the eurozone economy this year and next year, but cut its 2015 inflation forecast.

ECB chief Mario Draghi told a news conference that the central bank had increased its area-wide growth forecast to 1.5 percent in 2015, 1.9 percent in 2016 and 2.1 percent in 2017.

At the same time, inflation was set to come out at zero this year, lower than previously projected. But inflation would then pick up to 1.5 percent next year and to 1.8 percent in 2017, Draghi said.