On the basis of the information available up to 17 May 2004, Eurosystem staff have prepared projections for macroeconomic developments in the euro area.1 Average annual real GDP growth is projected to be between 1.4% and 2.0% in 2004 and between 1.7% and 2.7% in 2005.
The average rate of increase in the overall Harmonised Index of Consumer Prices (HICP) is projected to be between 1.9% and 2.3% in 2004 and between 1.1% and 2.3% in 2005.