The ECB said in its Survey of Professional Forecasters on Friday that long-term euro zone inflation projections remain well anchored near the European Central Bank's target, but GDP growth will be weaker than earlier thought.

Inflation, now running at 0.4 percent, is expected to reach 1.8 percent by 2021, in line with previous projections after missing the 2 percent target for years. But for 2016, inflation will be lower than earlier thought, indicating a 0.2 percent reading, below the 0.3 percent seen earlier. 

Meanwhile, the ECB forecast that the GDP growth outlook for 2018 and 2021 at 1.5 percent and 1.6 percent respectively, each 0.1 percentage points lower than three months ago. But it raised 2016's GDP slightly higher to 1.6 percent.