ECB trims growth forecast for 2014
FRANKFURT, Sept 5 (Reuters) - The European Central Bank gave a slightly improved outlook for the euro zone economy this year on Thursday but trimmed its forecast for the scale of recovery in the 17-member economic bloc in 2014 compared to estimates in June.
In a statement after it kept interest rates on hold at its September policy meeting, the bank made little change to its staff forecasts for inflation for this and next year, showing price growth staying well below its target of roughly 2 percent.
The bank cut its forecast for economic growth next year by 0.1 percentage points to a mid-point of 1 percent, compared to a June forecast of 0.0-2.2 percent. It forecast a contraction of 0.4 percent this year, compared to a mid-point of 0.6 percent in the June forecasts.
It forecast inflation at 1.5 percent this year falling to 1.3 percent next, broadly in line with the June prediction.