ECB Survey: Eurozone GDP seen contracting by 5.5% in 2020

The European Central Bank (ECB) released the results of its latest survey of professional forecasters, with the key highlights found below

Sees 2020 GDP growth at -5.5% (previous f'cast: +1.1%), inflation at 0.4% (previous: 1.2%).

Sees 2021 GDP growth at 4.3% (previous: 1.2%), inflation at 1.2% (previous: 1.4%).

Sees 2024 GDP growth at 1.4%, inflation at 1.7%, both unchanged vs Q1 projection.

Sees 2020 unemployment at 9.4% vs previous forecast for 7.5%.

Sees normality after COVID-19 lockdown will probably not be reached until the third quarter.

Sees the most appropriate description for the forecast profile of the overall GDP levels probably a ‘tick-mark’.