ECB survey: GDP expected to contract by 8.3% in 2020; grow 5.7% in 2021

According to the European Central Bank's (ECB) Survey of Professional Forecasters, the Eurozone economy is expected to shrink by 8.3% this year, less than the ECB's own estimate for an 8.7% drop. For the next year, the growth is seen as 5.7% as against the ECB's 5.2% estimate in June.

Key highlights:

• Inflation for 2020 is seen at 0.4% against the ECB's 0.3% projection
• Inflation in 2021 is seen at 1% as against the ECB's 0.8% prediction.
• The longer-term growth projections for 2025 were left unchanged at 1.4%
• The longer-term inflation forecast was cut to 1.6% from 1.7%.