ECB Monthly Bulletin, May 2004

The European Central Bank published its May 2004 Monthly Bulletin on 13 May. The ECB's regular quarterly "Survey of Professional Forecasters", contained in the report said the experts had revised downwards their growth forecast for this year to 1.6 percent from 1.8 percent previously.

And the eurozone economy was expected to grow by 2.1 percent next year, instead of 2.2 percent as previously anticipated, the ECB said.

"The main factors hindering growth prospects are: on the external side, recent

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