European Central Bank lowers growth forecast
June 7 , 2013
The European Central Bank (ECB) lowered its eurozone growth forecast on Thursday.
The ECB expects growth to contract by 0.6 percent this year, having previously estimated a GDP drop of 0.5 percent.
Speaking at a press conference, ECB President Mario Draghi told reporters that the Bank still saw "downside risks" for the eurozone economy, adding that a gradual recovery would begin in 2014.
The ECB's benchmark rate remained at 0.5 percent after being cut last month.
The decision not to lower rates comes in spite of a recession across the 17 countries that use the euro.