After revision, real GDP growth for fiscal 2003 may reach close to 2.7 percent, which is the highest among the nine Board members' forecasts in the Outlook Report published in October. One of the reasons why private forecasts for fiscal 2004 are more pessimistic than the Bank's forecast is that they anticipate inventory adjustment or a slowdown in business fixed investment.
European Central Bank: Press conference - introductory statement Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, at the press conference following the meeting of the ECB Governing Council, Madrid, 8 June 2006. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to the press conference here in Madrid.