Press Release: Quarterly euro-area GDP growth projections in the range of 0.5% to 0.9% for the second and third quarter of 2006 and 0.4% to 1.0% for the fourth quarter

The dynamic factor model for quarterly GDP growth in the euro area, developed by the European Commission’s Directorate General for Economic and Financial Affairs, projectED a range of 0.5% to 0.9% for GDP growth in the second and third quarters of 2006, slightly higher than the previous release (12 April 2006). The projected range for GDP growth in the fourth quarter was 0.4% to 1.0%. The projections supported the outcome of the European Commission's spring economic forecasts published earlier in May 2006.