ECB Raises Eurozone Growth Outlook

The Eurozone GDP is expected to grow 1.2% in 2014, European Central Bank President Mario Draghi announced Thursday.

At his monthly press conference in Frankfurt, the ECB's chief asserted that economic recovery is under way, even though it is not at the desired pace, Businessweek has reported.

Draghi said that ECB estimates show average GDP of the Eurozone would be up 1.5% in 2015 and 1.8% in 2016.

He also underlined that, according to ECB forecasts, deflation is now less of a threat to European economic output and that, according to latest ECB forecasts, the 18-nation bloc will escape a Japan-style period of falling prices as momentum in the economy improves.