Economy of Europe

The ECB slightly lowered its economic outlook for the euro area this year, saying output would decline by 0.6 per cent in 2013 but grow by 1.1 per cent next year. Photo: AFP

Euro rate stays at 0.5 per cent

The European Central Bank kept its main interest rate on hold at a record low 0.5 per cent yesterday, saying that improved economic data in May confirmed its forecast of a gradual recovery from prolonged recession later this year.

  • 1
  • 2