Brussels, 13/02/2003 (Agence Europe) - The panel of economists questioned in the context of the quarterly inquiry of the European Central Bank (ECB) again made a downward review of its estimate for economic growth in 2003 in the euro-zone Member States. It is thus tabling growth of 1.4% this year, as opposed to 1.8% earlier. Before November 2002, the panel still predicted an average growth rate of 2.5% for this year. In its monthly report published on Thursday, the ECB comments that the downward review of forecast growth for 2003 seems to be the result of strong uncertainty linked to geopolitical tension.
Economists questioned thus distance themselves from the European Commission which confirmed, end January, its growth forecast of 1.8% in the euro-zone in 2003, although it recognised the that there were downward "risks". The European Central Bank continue to predict growth between 1.1% and 2.1% in the euro zone, after having admitted last week that this forecast, made in December 2002, would certainly be reviewed downward.
The panel of economists also made a downward review of its growth forecast for 2004: 2.3% instead of 2.5%.