ECB cuts economic growth forecasts

FRANKFURT - The European Central Bank (ECB) on Thursday cut its forecasts for growth in the 18-country euro area this year and next year, and also lowered its projection for area-wide inflation.

The ECB is pencilling in gross domestic product (GDP) growth of 0.9% in 2014 and 1.6% in 2015, the central bank's president Mario Draghi told a news conference.

"Compared with our projections in June, the projections for real GDP growth for 2014 and 2015 have been revised downwards," he said.

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