The ranges reflect the average forecast error from previous periods and therefore differ between each of the projected variables and the projection horizon. Compared with December 2000, growth expectations for 2000 and 2001 have been reduced.
It is probable that in 2001 real GDP growth in the euro area will decline as compared with the strong increase observed in 2000, before recovering slightly in 2002. Overall, this year and next year it will broadly be in line with trend potential growth for the euro area.