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The European Central Bank (ECB) released its Survey of Professional Forecasters (SPF) for Q1 2016 on Friday. Forecasters cut their inflation forecasts. Eurozone's inflation is expected to be 0.7% in 2016, down from October estimate of 1.0%, 1.4% in 2017, down from October estimate of 1.5%, and 1.6% in 2018.
Long-term inflation forecasts (for 2020) was lowered to 1.8% from 1.9%.
SPF respondents said in its survey that the downgrade was driven by oil price developments.
The economic growth in the Eurozone is expected to expand 1.7% this year and 1.8% in 2017, both unchanged from October estimate.
The growth is expected to be driven by private consumption and investment.
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