FRANKFURT: The euro zone economy is adjusting to life under a pandemic but growth is still likely to undershoot expectations in the early part of the year, European Central Bank Vice President Luis de Guindos said on Friday.

"Perhaps in the first months of this year, growth will be a little bit weaker than projected because of the containment measures taken by the different governments to deal with the third wave of the pandemic," he told an online conference.

The ECB earlier projected quarter on quarter growth of 0.6% in the first three months. Most private forecasters already anticipate lower figures with some even penciling in a negative reading.