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European Central Bank keeps rate at record low European Central Bank keeps rate at record low
(about 1 hour later)
The European Central Bank (ECB) has voted to keep its benchmark interest rate on hold at a record low.The European Central Bank (ECB) has voted to keep its benchmark interest rate on hold at a record low.
Last month the ECB lowered the rate to 0.5% from 0.75% - the first cut in 10 months.Last month the ECB lowered the rate to 0.5% from 0.75% - the first cut in 10 months.
The decision not to cut rates further came despite an ongoing recession across the 17 countries that use the euro.The decision not to cut rates further came despite an ongoing recession across the 17 countries that use the euro.
The eurozone's gross domestic product (GDP) shrank 0.2% in the first quarter, the sixth quarter of decline in a row. The ECB also revised down its forecast for eurozone GDP in 2013.
The ECB has predicted that the economy will start growing again in the second half of this year, but only gradually. The Bank now predicts a contraction of 0.6% over the year, compared to a previous estimate of 0.5%.
The announcement came shortly after figures showed unemployment in France rose to 10.8% in the first quarter of the year - its highest level since 1998. 'Downside risks'
However, ECB President Mario Draghi told a press conference the bank had marginally revised up its 2014 forecast to 1.1% growth.
"The governing council continues to see downside risks surrounding the economic outlook for the euro area," he told journalists.
"They include the possibility of weaker than expected domestic and global demand and slow or insufficient implementation of structural reforms in euro area countries."
However, he stuck with previous predictions that a gradual recovery would begin in the second half of the year.
"Export growth should benefit from a recovery in global demand, while domestic demand should be supported by the accommodative stance of our monetary policy and by the recent real income gains due to lower oil prices and generally lower inflation," the president said.
The eurozone's gross domestic product (GDP) shrank 0.2% in the first quarter - the sixth quarter of decline in a row.
The rate announcement came shortly after figures showed unemployment in France rose to 10.8% in the first quarter of the year - its highest level since 1998.
The jobless rate grew from 10.5% in the last quarter of 2012, the official Insee statistics agency said.The jobless rate grew from 10.5% in the last quarter of 2012, the official Insee statistics agency said.
The French economy went into a recession after seeing GDP fall by 0.2% in the first quarter.The French economy went into a recession after seeing GDP fall by 0.2% in the first quarter.