ECB bumps up this year's growth forecast but slashes 2014 expectations

The European Central Bank (ECB) has adjusted its predictions from June, revising up its 2013 GDP forecast from -0.6 per cent to -0.4 per cent.

A cut to next year's estimate though, reduced by 0.1 percentage point from 1.1 per cent to 1.0 per cent.

ECB president Mario Draghi has said that risks to the economic outlook are to the downside.