The eurozone is set to grow by 0.8pc in 2002 according to the European Central Bank's (ECB) survey of private sector expectations. This represents a downgrade of 0.4pc on the previous survey But the most noticeable revision to expectations is for 2003, for which an annual rate of 1.8pc is now expected - 0.7 percentage points lower than the previous survey - the ECB said in its November monthly bulletin. "These lower growth prospects for 2003 seem to stem from the high uncertainty associated with the global economic and financial situation and the geopolitical tensions," the ECB said. "For 2004 Q2, an annual growth rate of 2.5pc is expected, which is also the average expected for the year," it added According to the latest survey, the euro area unemployment rate is expected to average 8.3pc in 2002. "Reflecting the downward revision to growth prospects in the euro area, the unemployment rate is expected to rise to 8.4pc in 2003." "Thereafter, it is expected to fall, averaging 8.0pc in 2004 and 7.2pc in 2007. These results are broadly in line with those from the October 2002 Euro Zone Barometer," the ECB said. //www.fxcentre.com