Economic data implies solid euro zone growth in Q2: European Central Bank

Inflation will hover near the current level while there is no convincing upswing in consumer prices

Economic data points to solid growth in the euro zone in the second quarter and indicates a rebound in global growth after a rough patch, the European Central Bank said in a regular economic bulletin on Thursday.

Inflation will hover near the current level in the coming months and while there is still no convincing upswing in consumer prices, there are early signs of pipeline price pressures in the production and pricing chain, the ECB added.

"Overall, incoming data point to solid growth in the second quarter of 2017," the ECB said in a bulletin that is largely consistent with the outlook presented after its June policy meeting. "Domestic demand is expected to be buoyed by a number of favourable factors."

"Very favourable financing conditions and low interest rates continue to promote a recovery in investment in the context of rising profits and lower deleveraging needs," the ECB added.