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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who started this subject	6/18/2002 9:40:27 AM
From: Haim R. Branisteanu	Read Replies (1) of 436258

German/GDP/ECB -2: Sees ECB Key Rate At 4.0% By Early '03 In their joint report, the six economic institutes also said they expected the ECB to raise the key minimum-bid rate for its main refinancing operations by 50 basis points to 3.75% by early 2003 in steps beginning this autumn. In its own report Tuesday, the Kiel institute said it now expected the ECB to raise the minimum-bid rate to 4.0% by early 2003 in steps starting this autumn. The think tank forecast that German consumer price inflation would be 1.6% this year and 1.7% next year. Last year, German inflation was 2.5%. The IfW predicted the average number of unemployed people in Germany, which was 3.85 million last year, would be 3.99 million in 2002 and 3.86 million in 2003. The IfW predicted Germany's public-sector deficit as a percentage of GDP, which was 2.7% last year, would be 2.3% this year and 1.9% in 2003. It warned that the deficit, which Germany has promised the European Union will fall to 0.5% or lower in 2004, wouldn't be below 1.5% that year without more spending cuts. -By Jonathan Stearns, Dow Jones Newswires; 49-30-288-8410; jonathan.stearns@dowjones.com

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