The European Central Bank on Thursday raised its growth forecasts for the next three years, noting that the eurozone economy is surfing on a momentum that "increases the chances of stronger than expected economic upswing".

The eurozone economy is now expected to expand by 1.9 percent in 2017, 1.8 percent in 2018 and 1.7 percent in 2019, the bank said, raising all three forecasts by 0.1 percentage points.