ECB revises GDP and HICP inflation forecasts lower

ECB’s Draghi, during the press conference speech, announced downward revisions to Eurozone GDP and inflation forecasts as widely expected by the markets.

Draghi said HICP outlook revised down mainly on oil price decline

GDP forecasts

Sees 2016 GDP growth at 1.4 pct vs. 1.7 pct seen in December

Sees 2017 GDP growth at 1.7 pct vs. 1.9 pct seen in December

Sees 2018 GDP growth at 1.8 pct

Inflation forecasts

Sees 2016 inflation at 0.1 pct vs. 1.0 pct seen in December

Sees 2017 inflation at 1.3 pct vs. 1.6 pct seen in December

Sees 2018 inflation at 1.6 pct