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ECB cuts growth forecasts, maintains inflation forecasts
FRANKFURT : The European Central Bank on Thursday cut its forecasts for eurozone growth this year and next year, but he
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FRANKFURT: The European Central Bank on Thursday cut its forecasts for eurozone growth this year and next year, but held its projections steady for inflation in the 17 countries that share the euro.
ECB President Jean-Claude Trichet said the bank was pencilling in gross domestic product growth (GDP) of 1.6 percent in 2011 and to 1.3 percent in 2012, compared with 1.7 percent and 1.9 percent respectively previously.
Inflation in the single currency area was projected to average 2.6 percent in 2011 and 1.7 percent in 2012, unchanged from previous estimates.
Copyright AFP (Agence France-Presse), 2011
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