The European Central Bank on Thursday unveiled fresh growth and inflation forecasts, making predictions for the first time into 2023, with the pandemic expected to cast a long shadow over the eurozone economy. ECB president Christine Lagarde warned that the impact from Covid-19 was "uneven" across sectors, as activity in the manufacturing industry was recovering but the services sector was "bearing the brunt" of social distancing and travel restrictions. The Frankfurt institution upgraded its euro area economic growth figures for 2020 and 2022, but is now expecting a smaller rebound than before for 2021. Inflation, already well below the ECB's target of just under two percent, remained "disappointingly low", Lagarde said. Lagarde partly blamed low energy prices and a temporary reduction in Germany's VAT rate. Here is a table with all the ECB's major projections. The previous forecasts from September are given in brackets. The figures are expressed as percentage changes, and are all positive unless indicated otherwise. 2020202120222023 Real GDP growth-7.3 (-8.0)3.9 (5.0)4.2 (3.2)2.1 (N/A) Inflation0.2 (0.3)1.0 (1.0)1.1 (1.3)1.4 (N/A) Private consumption-8.3 (-8.0)4.3 (5.9)5.7 (3.4)1.8 (N/A) Government consumption1.5 (1.7)2.5 (1.7)0.6 (1.0)1.1 (N/A) Investment-10.1 (-12.3)5.0 (6.3)6.5 (6.1)3.7 (N/A) Exports-11.0 (13.7)6.5 (7.4)4.9 (4.5)3.5 (N/A) Imports-10.7 (11.7)6.3 (7.0)6.1 (5.0)3.8 (N/A) Source: edf/mfp/tgb