Commission indicator forecasts euro area quarterly GDP growth of 0.2% to 0.6% for the 4th quarter of 2004 and growth of 0.3% to 0.7% for the 1st quarter of 2005

The indicator-based model for quarterly GDP growth for the euro area, developed by the European Commission's Directorate General for Economic and Financial Affairs, forecasts a range of 0.2% to 0.6% for GDP growth in the fourth quarter of 2004. The range for the first quarter of 2005 is 0.3-0.7%. Compared to the previous release of the GDP indicator, this is an upward revision of 0.1 of a percentage point for the first quarter of 2005.