Professional forecasters raised the euro area economic growth forecast for this year, while slashed the projection for next year, results of a quarterly survey by the European Central Bank showed on Friday.
The growth forecast for this year was raised to 1.1 percent from 1 percent in the fourth quarter survey. The projection for next year was lowered to 1.2 percent from 1.3 percent.
Growth was forecast at 1.4 percent for 2022.
The longer-term growth forecast, which is for 2024, is 1.4 percent, unchanged from the previous round.
The inflation forecast for this year and next year was retained at 1.2 percent and 1.4 percent, respectively. For 2022, price growth is seen at 1.5 percent and the longer term projection was retained at 1.7 percent.
Core inflation, which excludes energy, food, alcohol and tobacco prices, is forecast at 1.2 percent this year, same as seen in the fourth quarter. The outlook for next year was trimmed to 1.3 percent from 1.4 percent.
In 2022, core inflation is seen at 1.5 percent and the longer term projection was kept at 1.6 percent.