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ECB to cut growth forecast in December, de Guindos says

FILE PHOTO: Vice-President of the European Central Bank (ECB) Luis de Guindos gives a statement during the second day of the Informal Meeting of EU Ministers for Economics and Financial Affairs in Berlin, Germany September 12, 2020. Odd Andersen/Pool via REUTERS

FRANKFURT (Reuters) - The European Central Bank’s new economic projections to be published in December are unlikely to deviate significantly from the European Commission’s forecasts released on Thursday, ECB Vice President Luis de Guindos said.

The Commission cut its projections because of a resurgence in the pandemic and now sees 2021 growth at 4.2%, below the ECB’s 5% forecast in September. It also sees inflation at 1.1%, above the ECB’s latest projection of 1%.

“In December, we’ll have the update of our projections and I suppose they’re not going to be very very far away from the projections that we saw today from the European Commission,” de Guindos told an online conference.

Reporting by Balazs Koranyi; Editing by David Goodman

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