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Past macroeconomic projections

Four times a year, ECB staff (March and September) and Eurosystem staff (June and December) prepare macroeconomic projections for the euro area. The projections provide a staff assessment of the outlook for macroeconomic developments and provide important input into the Governing Council’s monetary policy decisions. This page presents all projections for inflation and economic growth since 2000.

A full database of past projections is available for download from the ECB’s Data Portal. This database includes both annual and quarterly projections for euro area inflation and growth as well as annual projections for a range of other economic variables. Annual projections for growth, inflation and unemployment in individual euro area countries are available for the Eurosystem staff projections in June and December each year. The database also includes projections for the global economy (excluding the euro area) and the technical assumptions underlying the projections, such as oil prices, exchange rates and interest rates. For more details please see the dataset description.

2024

Eurosystem staff macroeconomic projections for the euro area
June 2024 (annual percentage changes)
  2023 2024 2025 2026
HICP 5.4 2.5 2.2 1.9
Real GDP 0.6 0.9 1.4 1.6
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.
ECB staff macroeconomic projections for the euro area
September 2024 (annual percentage changes)
  2023 2024 2025 2026
HICP 5.4 2.5 2.2 1.9
Real GDP 0.5 0.8 1.3 1.5
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications owing to data releases after the cut-off date for the projections.
March 2024 (annual percentage changes)
  2022 2023 2024 2025 2026
HICP 8.4 5.4 2.3 2.0 1.9
Real GDP 3.4 0.5 0.6 1.5 1.6
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.

2023

Eurosystem staff macroeconomic projections for the euro area
December 2023 (annual percentage changes)
  2022 2023 2024 2025 2026
HICP 8.4 5.4 2.7 2.1 1.9
Real GDP 3.4 0.6 0.8 1.5 1.5
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.
June 2023 (annual percentage changes)
  2021 2022 2023 2024 2025
HICP 2.6 8.4 5.4 3.0 2.2
Real GDP 5.3 3.5 0.9 1.5 1.6
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.
ECB staff macroeconomic projections for the euro area
September 2023 (annual percentage changes)
  2021 2022 2023 2024 2025
HICP 2.6 8.4 5.6 3.2 2.1
Real GDP 5.6 3.4 0.7 1.0 1.5
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications owing to data releases after the cut-off date for the projections. Data are available for downloading, also at quarterly frequency, from the Macroeconomic Projection Database.
March 2023 (annual percentage changes)
  2021 2022 2023 2024 2025
HICP 2.6 8.4 5.3 2.9 2.1
Real GDP 5.3 3.6 1.0 1.6 1.6
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.

2022

Eurosystem staff macroeconomic projections for the euro area
December 2022 (annual percentage changes)
  2021 2022 2023 2024 2025
HICP 2.6 8.4 6.3 3.4 2.3
Real GDP 5.2 3.4 0.5 1.9 1.8
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.
June 2022 (annual percentage changes)
  2021 2022 2023 2024
HICP 2.6 6.8 3.5 2.1
Real GDP 5.4 2.8 2.1 2.1
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.
ECB staff macroeconomic projections for the euro area
September 2022 (annual percentage changes)
  2021 2022 2023 2024
HICP 2.6 8.1 5.5 2.3
Real GDP 5.2 3.1 0.9 1.9
Notes: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.
March 2022 (annual percentage changes)
  2021 2022 2023 2024
HICP 2.6 5.1 2.1 1.9
Real GDP 5.4 3.7 2.8 1.6
Adverse scenario
HICP 2.6 5.9 2.0 1.6
Real GDP 5.4 2.5 2.7 2.1
Severe scenario
HICP 2.6 7.1 2.7 1.9
Real GDP 5.4 2.3 2.3 1.9
Note: Real GDP figures refer to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.

2021

Eurosystem staff macroeconomic projections for the euro area
December 2021 (annual percentage changes)
  2021 2022 2023 2024
HICP 2.6 3.2 1.8 1.8
Real GDP 5.1 4.2 2.9 1.6
Note: Real GDP refers to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections.
June 2021 (annual percentage changes)
  2019 2020 2021 2022 2023
HICP 1.2 0.3 1.9 1.5 1.4
Real GDP 1.3 -6.8 4.6 4.7 2.1
Note: Real GDP refers to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections. This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the elevated uncertainty surrounding the current projections. Instead, to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic, the associated containment measures and the degree of economic scarring are provided in Section 5 of the projections article.
ECB staff macroeconomic projections for the euro area
September 2021 (annual percentage changes)
  2020 2021 2022 2023
HICP 0.3 2.2 1.7 1.5
Real GDP -6.5 5.0 4.6 2.1
Note: Real GDP refers to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections. This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not capture the elevated uncertainty related to the COVID-19 pandemic. Instead, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic, the associated containment measures and the degree of economic scarring are provided in Box 4 of the projections article.
March 2021 (annual percentage changes)
  2020 2021 2022 2023
HICP 0.3 1.5 1.2 1.4
Real GDP -6.9 4.0 4.1 2.1
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Section 5 of the projections article.

2020

Eurosystem staff macroeconomic projections for the euro area
December 2020 (annual percentage changes)
  2020 2021 2022 2023
HICP 0.2 1.0 1.1 1.4
Real GDP -7.3 3.9 4.2 2.1
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Box 3 of the projections article.
June 2020 (annual percentage changes)
  2019 2020 2021 2022
HICP 1.2 0.3 0.8 1.3
Real GDP 1.2 -8.7 5.2 3.3
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Box 3 of the projections article.
ECB staff macroeconomic projections for the euro area
September 2020 (annual percentage changes)
  2019 2020 2021 2022
HICP 1.2 0.3 1.0 1.3
Real GDP 1.3 -8.0 5.0 3.2
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Box 3 of the projections article.
March 2020 (annual percentage changes)
  2019 2020 2021 2022
HICP 1.2 1.1
[0.8 - 1.4]		 1.4
[0.7 - 2.1]		 1.6
[0.8 - 2.4]
Real GDP 1.2 0.8
[0.4 - 1.2]		 1.3
[0.4 - 2.2]		 1.4
[0.5 - 2.3]

2019

Eurosystem staff macroeconomic projections for the euro area
December 2019 (annual percentage changes)
  2019 2020 2021 2022
HICP 1.2
[1.2 - 1.2]		 1.1
[0.6 - 1.6]		 1.4
[0.7 - 2.1]		 1.6
[0.8 - 2.4]
Real GDP 1.2
[1.1 - 1.3]		 1.1
[0.5 - 1.7]		 1.4
[0.5 - 2.3]		 1.4
[0.4 - 2.4]
June 2019 (annual percentage changes)
  2018 2019 2020 2021
HICP 1.8 1.3
[1.2 - 1.4]		 1.4
[0.7 - 2.1]		 1.6
[0.8 - 2.4]
Real GDP 1.8 1.2
[0.9 - 1.5]		 1.4
[0.5 - 2.3]		 1.4
[0.4 - 2.4]
ECB staff macroeconomic projections for the euro area
September 2019 (annual percentage changes)
  2018 2019 2020 2021
HICP 1.8 1.2
[1.1 - 1.3]		 1.0
[0.4 - 1.6]		 1.5
[0.7 - 2.3]
Real GDP 1.9 1.1
[0.9 - 1.3]		 1.2
[0.4 - 2.0]		 1.4
[0.4 - 2.4]
March 2019 (annual percentage changes)
  2018 2019 2020 2021
HICP 1.7 1.2
[0.9 - 1.5]		 1.5
[0.8 - 2.2]		 1.6
[0.8 - 2.4]
Real GDP 1.9 1.1
[0.7 - 1.5]		 1.6
[0.7 - 2.5]		 1.5
[0.5 - 2.5]

2018

Eurosystem staff macroeconomic projections for the euro area
December 2018 (annual percentage changes)
  2018 2019 2020 2021
HICP 1.8
[1.8 - 1.8]		 1.6
[1.1 - 2.1]		 1.7
[0.9 - 2.5]		 1.8
[0.9 - 2.7]
Real GDP 1.9
[1.8 - 2.0]		 1.7
[1.1 - 2.3]		 1.7
[0.8 - 2.6]		 1.5
[0.5 - 2.5]
June 2018 (annual percentage changes)
  2017 2018 2019 2020
HICP 1.5 1.7
[1.6 - 1.8]		 1.7
[1.0 - 2.4]		 1.7
[0.9 - 2.5]
Real GDP 2.5 2.1
[1.8 - 2.4]		 1.9
[0.9 - 2.9]		 1.7
[0.6 - 2.8]
ECB staff macroeconomic projections for the euro area
September 2018 (annual percentage changes)
  2017 2018 2019 2020
HICP 1.5 1.7
[1.6 - 1.8]		 1.7
[1.1 - 2.3]		 1.7
[0.9 - 2.5]
Real GDP 2.5 2.0
[1.8 - 2.2]		 1.8
[1.0 - 2.6]		 1.7
[0.6 - 2.8]
March 2018 (annual percentage changes)
  2017 2018 2019 2020
HICP 1.5 1.4
[1.1 - 1.7]		 1.4
[0.6 - 2.2]		 1.7
[0.8 - 2.6]
Real GDP 2.5 2.4
[2.1 - 2.7]		 1.9
[0.9 - 2.9]		 1.7
[0.7 - 2.7]

2017

Eurosystem staff macroeconomic projections for the euro area
December 2017 (annual percentage changes)
  2017 2018 2019 2020
HICP 1.5
[1.5 - 1.5]		 1.4
[0.9 - 1.9]		 1.5
[0.7 - 2.3]		 1.7
[0.8 - 2.6]
Real GDP 2.4
[2.3 - 2.5]		 2.3
[1.7 - 2.9]		 1.9
[0.9 - 2.9]		 1.7
[0.6 - 2.8]
June 2017 (annual percentage changes)
  2016 2017 2018 2019
HICP 0.2 1.5
[1.4 - 1.6]		 1.3
[0.6 - 2.0]		 1.6
[0.7 - 2.5]
Real GDP 1.7 1.9
[1.6 - 2.2]		 1.8
[0.8 - 2.8]		 1.7
[0.6 - 2.8]
ECB staff macroeconomic projections for the euro area
September 2017 (annual percentage changes)
  2016 2017 2018 2019
HICP 0.2 1.5
[1.4 - 1.6]		 1.2
[0.6 - 1.8]		 1.5
[0.7 - 2.3]
Real GDP 1.8 2.2
[2.1 - 2.3]		 1.8
[1.0 - 2.6]		 1.7
[0.6 - 2.8]
March 2017 (annual percentage changes)
  2016 2017 2018 2019
HICP 0.2 1.7
[1.4 - 2.0]		 1.6
[0.9 - 2.3]		 1.7
[0.8 - 2.6]
Real GDP 1.7 1.8
[1.5 - 2.1]		 1.7
[0.7 - 2.7]		 1.6
[0.5 - 2.7]

2016

Eurosystem staff macroeconomic projections for the euro area
December 2016 (annual percentage changes)
  2016 2017 2018 2019
HICP 0.2
[0.2 - 0.2]		 1.3
[0.8 - 1.8]		 1.5
[0.7 - 2.3]		 1.7
[0.9 - 2.5]
Real GDP 1.7
[1.6 - 1.8]		 1.7
[1.1 - 2.3]		 1.6
[0.6 - 2.6]		 1.6
[0.4 - 2.8]
June 2016 (annual percentage changes)
  2015 2016 2017 2018
HICP 0.0 0.2
[0.1 - 0.3]		 1.3
[0.6 - 2.0]		 1.6
[0.7 - 2.5]
Real GDP 1.6 1.6
[1.3 - 1.9]		 1.7
[0.7 - 2.7]		 1.7
[0.5 - 2.9]
ECB staff macroeconomic projections for the euro area
September 2016 (annual percentage changes)
  2015 2016 2017 2018
HICP 0.0 0.2
[0.1 - 0.3]		 1.2
[0.6 - 1.8]		 1.6
[0.8 - 2.4]
Real GDP 1.9 1.7
[1.5 - 1.9]		 1.6
[0.7 - 2.5]		 1.6
[0.4 - 2.8]
March 2016 (annual percentage changes)
  2015 2016 2017 2018
HICP 0.0 0.1
[-0.2 - 0.4]		 1.3
[0.6 - 2.0]		 1.6
[0.8 - 2.4]
Real GDP 1.5 1.4
[1.0 - 1.8]		 1.7
[0.7 - 2.7]		 1.8
[0.6 - 3.0]

2015

ECB staff macroeconomic projections for the euro area
September 2015 (annual percentage changes)
  2014 2015 2016 2017
HICP 0.4 0.1
[0.0 - 0.2]		 1.1
[0.5 - 1.7]		 1.7
[0.9 - 2.5]
Real GDP 0.9 1.4
[1.3 - 1.5]		 1.7
[0.8 - 2.6]		 1.8
[0.6 - 3.0]
March 2015
  2014 2015 2016 2017
HICP 0.4 0.0
[-0.3 - 0.3]		 1.5
[0.8 - 2.2]		 1.8
[1.0 - 2.6]
Real GDP 0.9 1.5
[1.1 - 1.9]		 1.9
[0.8 - 3.0]		 2.1
[0.9 - 3.3]
Eurosystem staff macroeconomic projections
December 2015 (annual percentage changes)
  2014 2015 2016 2017
HICP 0.4 0.1
[0.1 - 0.1]
 1.0
[0.5 - 1.5]		 1.6
[0.9 - 2.3]
Real GDP 0.9 1.5
[1.4 - 1.6]		 1.7
[1.1 - 2.3]		 1.9
[0.9 - 2.9]
June 2015
  2014 2015 2016 2017
HICP 0.4 0.3
[0.2 - 0.4]
 1.5
[0.9 - 2.1]		 1.8
[1.0 - 2.6]
Real GDP 0.9 1.5
[1.1 - 1.9]		 1.9
[0.5 - 3.3]		 2.0
[0.3 - 3.7]

2014

ECB staff macroeconomic projections for the euro area
September 2014
  2013 2014 2015 2016
HICP 1.4 0.6
[0.5 - 0.7]		 1.1
[0.5 - 1.7]		 1.4
[0.7 - 2.1]
Real GDP -0.4 0.9
[0.7 - 1.1]		 1.6
[0.6 - 2.6]		 1.9
[0.6 - 3.2]
March 2014
  2013 2014 2015 2016
HICP 1.4 1.0
[0.7 - 1.3]
 1.3
[0.6 - 2.0]		 1.5
[0.7 - 2.3]
Real GDP -0.4 1.2
[0.8 - 1.6]		 1.5
[0.4 - 2.6]		 1.8
[0.7 - 2.9]
Eurosystem staff macroeconomic projections
December 2014
  2013 2014 2015 2016
HICP 1.4 0.5
[0.5 - 0.5]
 0.7
[0.2 - 1.2]		 1.3
[0.6 - 2.0]
Real GDP -0.4 0.8
[0.7 - 0.9]		 1.0
[0.4 - 1.6]		 1.5
[0.4 - 2.6]
June 2014
  2013 2014 2015 2016
HICP 1.4 0.7
[0.6 - 0.8]
 1.1
[0.5 - 1.7]
 1.4
[0.6 - 2.2]
Real GDP -0.4 1.0
[0.6 - 1.4]
 1.7
[0.6 - 2.8]
 1.8
[0.5 - 3.1]

2013

ECB staff macroeconomic projections for the euro area
September 2013
  2012 2013 2014
HICP 2.5 1.5
[1.4 , 1.6]
 1.3
[0.7 , 1.9]
Real GDP -0.6 -0.4
[-0.6 , -0.2]		 1.0
[0.0 , 2.0]
 Private consumption -1.4 -0.7
[-0.9 , -0.5]		 0.7
[-0.2 , 1.6]
 Government consumption -0.5 -0.1
[-0.6 , 0.4]		 0.6
[0.0 , 1.2]
 Gross fixed capital formation -4.0 -3.6
[-4.4 , -2.8]		 1.8
[-0.7 , 4.3]
 Exports (goods and services) 2.7 0.9
[-0.4 , 2.2]		 3.6
[0.1 , 7.1]
 Imports (goods and services) -0.9 -0.6
[-1.9 , 0.7]		 3.8
[0.3 , 7.3]
March 2013
  2012 2013 2014
HICP 2.5 [1.2 , 2.0] [0.6 , 2.0]
Real GDP -0.5 [-0.9 , -0.1] [0.0 , 2.0]
 Private consumption -1.2 [-1.3 , -0.3] [-0.3 , 1.5]
 Government consumption 0.0 [-0.9 , -0.1] [-0.4 , 1.2]
 Gross fixed capital formation -4.0 [-3.8 , -1.0] [-0.9 , 3.5]
 Exports (goods and services) 2.9 [-1.3 , 3.5] [0.8 , 7.8]
 Imports (goods and services) -0.7 [-2.1 , 2.3] [1.0 , 7.2]
Eurosystem staff macroeconomic projections
December 2013
  2012 2013 2014 2015
HICP 2.5 1.4
[1.4 - 1.4]
 1.1
[0.6 - 1.6]
 1.3
[0.5 - 2.1]
Real GDP -0.6 -0.4
[-0.5 - -0.3]
 1.1
[0.4 - 1.8]
 1.5
[0.4 - 2.6]
June 2013
  2012 2013 2014
HICP 2.5 1.4
[1.3 , 1.5]
 1.3
[0.7 , 1.9]
Real GDP -0.5 -0.6
[-1.0 , -0.2]
 1.1
[0.0 , 2.2]
 Private consumption -1.3 -0.8
[-1.1 , -0.5]
 0.6
[-0.5 , 1.7]
 Government consumption -0.4 -0.1
[-0.6 , 0.4]
 0.6
[-0.1 , 1.3]
 Gross fixed capital formation -4.2 -2.9
[-4.1 , -1.7]
 1.8
[-0.9 , 4.5]
 Exports (goods and services) 2.9 0.8
[-1.0 , 2.6]
 4.1
[0.3 , 7.9]
 Imports (goods and services) -0.7 -0.7
[-2.5 , 1.1]
 3.8
[0.1 , 7.5]

2012

ECB staff macroeconomic projections for the euro area
September 2012
  2011 2012 2013
HICP 2.7 [2.4 , 2.6] [1.3 , 2.5]
Real GDP 1.5 [-0.6 , -0.2] [-0.4 , 1.4]
 Private consumption 0.2 [-1.1 , -0.7] [-0.8 , 0.8]
 Government consumption -0.3 [-0.8 , 0.2] [-0.8 , 0.4]
 Gross fixed capital formation 1.5 [-4.1 , -2.5] [-1.7 , 2.7]
 Exports (goods and services) 6.4 [1.8 , 4.4] [1.1 , 8.1]
 Imports (goods and services) 4.2 [-1.3 , 1.3] [0.3 , 7.1]
March 2012
  2011 2012 2013
HICP 2.7 [2.1 , 2.7] [0.9 , 2.3]
Real GDP 1.5 [-0.5 , 0.3] [0.0 , 2.2]
 Private consumption 0.2 [-0.7 , 0.1] [0.0 , 1.6]
 Government consumption 0.2 [-0.6 , 0.2] [-0.1 , 1.3]
 Gross fixed capital formation 1.6 [-2.6 , 0.2] [-0.9 , 3.7]
 Exports (goods and services) 6.4 [0.1 , 5.1] [0.7 , 8.1]
 Imports (goods and services) 4.1 [-1.1 , 3.5] [0.7 , 7.3]
Eurosystem staff macroeconomic projections
December 2012
  2011 2012 2013 2014
HICP 2.7 [2.5 , 2.5] [1.1 , 2.1] [0.6 , 2.2]
Real GDP 1.5 [-0.6 , -0.4] [-0.9 , 0.3] [0.2 , 2.2]
 Private consumption 0.1 [-1.2 , -1.0] [-1.1 , -0.1] [-0.4 , 1.4]
 Government consumption -0.2 [-0.6 , 0.2] [-1.2 , 0.0] [-0.4 , 1.2]
 Gross fixed capital formation 1.6 [-4.2 , -3.4] [-4.2 , -1.0] [-1.0 , 3.6]
 Exports (goods and services) 6.5 [2.1 , 3.7] [-0.4 , 5.0] [2.0 , 8.6]
 Imports (goods and services) 4.3 [-1.1 , 0.3] [-1.7 , 3.7] [1.7 , 7.7]
June 2012
  2011 2012 2013
HICP 2.7 [2.3 , 2.5] [1.0 , 2.2 ]
Real GDP 1.5 [-0.5 , 0.3] [0.0 , 2.0]
 Private consumption 0.2 [-0.7 , -0.1] [-0.4 , 1.4]
 Government consumption -0.3 [-0.7 , 0.3] [-0.7 , 0.7]
 Gross fixed capital formation 1.6 [-3.2 , -1.0] [-0.8 , 3.8]
 Exports (goods and services) 6.3 [1.2 , 5.0] [1.1 , 8.9]
 Imports (goods and services) 4.1 [-0.7 , 2.9] [0.9 , 7.9]

2011

ECB staff macroeconomic projections for the euro area
September 2011
  2010 2011 2012
HICP 1.6 [2.5 , 2.7] [1.2 , 2.2]
Real GDP 1.7 [1.4 , 1.8] [0.4 , 2.2]
 Private consumption 0.8 [0.3 , 0.7] [0.0 , 1.6]
 Government consumption 0.5 [-0.2 , 0.8] [-0.7 , 0.5]
 Gross fixed capital formation -0.8 [2.2 , 3.6] [0.8 , 5.4]
 Exports (goods and services) 11.0 [5.6 , 8.4] [2.3 , 9.7]
 Imports (goods and services) 9.3 [4.7 , 7.3] [2.0 , 9.2]
March 2011
  2010 2011 2012
HICP 1.6 [2.0 , 2.6] [1.0 , 2.4]
Real GDP 1.7 [1.3 , 2.1] [0.8 , 2.8]
 Private consumption 0.7 [0.6 , 1.4] [0.4 , 2.2]
 Government consumption 0.8 [-0.3 , 0.5] [-0.5 , 0.9]
 Gross fixed capital formation -0.8 [0.4 , 3.4] [0.7 , 5.5]
 Exports (goods and services) 10.9 [4.9 , 9.5] [3.0 , 9.2]
 Imports (goods and services) 9.0 [3.5 , 7.7] [2.8 , 8.4]
Eurosystem staff macroeconomic projections
December 2011
  2010 2011 2012 2013
HICP 1.6 [2.6 , 2.8] [1.5 , 2.5] [0.8 , 2.2]
Real GDP 1.8 [1.5 , 1.7] [-0.4 , 1.0] [0.3 , 2.3]
 Private consumption 0.8 [0.3 , 0.5] [-0.4 , 0.6] [0.0 , 1.8]
 Government consumption 0.5 [-0.3 , 0.5] [-0.5 , 0.7] [-0.3 , 1.3]
 Gross fixed capital formation -0.6 [1.6 , 2.4] [-1.6 , 1.8] [-0.5 , 4.3]
 Exports (goods and services) 10.8 [5.4 , 7.2] [0.3 , 6.1] [2.1 , 8.9]
 Imports (goods and services) 9.2 [4.0 , 5.4] [-0.5 , 5.1] [1.7 , 8.1]
June 2011
  2010 2011 2012
HICP 1.6 [2.5 , 2.7] [1.1 , 2.3]
Real GDP 1.7 [1.5 , 2.3] [0.6 , 2.8]
 Private consumption 0.8 [0.6 , 1.2] [0.4 , 2.2]
 Government consumption 0.6 [-0.4 , 0.6] [-0.5 , 0.9]
 Gross fixed capital formation -0.9 [2.0 , 4.2] [1.1 , 5.9]
 Exports (goods and services) 11.1 [5.8 , 9.6] [2.6 , 10.6]
 Imports (goods and services) 9.3 [4.3 , 7.9] [2.6 , 10.0]

2010

ECB staff macroeconomic projections for the euro area
September 2010
  2009 2010 2011
HICP 0.3 [1.5 , 1.7] [1.2 , 2.2]
Real GDP -4.0 [1.4 , 1.8] [0.5 , 2.3]
 Private consumption -1.1 [0.0 , 0.4] [-0.1 , 1.5]
 Government consumption 2.6 [0.3 , 1.3] [-0.1 , 1.1]
 Gross fixed capital formation -11.0 [-2.3 , -0.7] [-1.6 , 3.0]
 Exports (goods and services) -13.2 [7.4 , 10.0] [2.9 , 9.3]
 Imports (goods and services) -11.8 [5.8 , 8.2] [1.6 , 7.8]
March 2010
  2009 2010 2011
HICP [0.3] [0.8 , 1.6] [0.9 , 2.1]
Real GDP [-4.0] [0.4 , 1.2] [0.5 , 2.5]
 Private consumption [-1.0] [-0.3 , 0.5] [0.2 , 2.0]
 Government consumption [2.5] [0.1 , 1.1] [0.2 , 1.6]
 Gross fixed capital formation [-10.8] [-3.1 , -0.5] [-1.1 , 2.9]
 Exports (goods and services) [-13.0] [3.2 , 7.6] [1.4 , 7.8]
 Imports (goods and services) [-11.6] [1.9 , 5.7] [0.7 , 6.5]
Eurosystem staff macroeconomic projections
December 2010
  2009 2010 2011 2012
HICP [0.3] [1.5 , 1.7] [1.3 , 2.3] [0.7 , 2.3]
Real GDP [-4.1] [1.6 , 1.8] [0.7 , 2.1] [0.6 , 2.8]
 Private consumption [-1.1] [0.6 , 0.8] [0.4 , 1.4] [0.5 , 2.3]
 Government consumption [2.4] [0.5 , 1.3] [-0.8 , 0.6] [-0.4 , 1.0]
 Gross fixed capital formation [-11.3] [-1.4 , -0.6] [-0.5 , 3.1] [0.1 , 5.3]
 Exports (goods and services) [-13.1] [9.9 , 11.7] [3.7 , 8.7] [2.5 , 8.7]
 Imports (goods and services) [-11.8] [8.2 , 9.8] [2.6 , 7.6] [2.3 , 8.1]
June 2010
  2009 2010 2011
HICP [0.3] [1.4 , 1.6] [1.0 , 2.2]
Real GDP [-4.1] [0.7 , 1.3] [0.2 , 2.2]
 Private consumption [-1.2] [-0.2 , 0.4] [-0.2 , 1.6]
 Government consumption [2.6] [0.3 , 1.3] [-0.3 , 1.1]
 Gross fixed capital formation [-10.8] [-3.4 , -1.2] [-2.1 , 2.7]
 Exports (goods and services) [-13.2] [5.5 , 9.1] [1.1 , 7.9]
 Imports (goods and services) [-12.0] [3.8 , 7.0] [0.4 , 6.8]

2009

ECB staff macroeconomic projections
September 2009
  2008 2009 2010
HICP [3.3] [0.2 , 0.6] [0.8 , 1.6]
Real GDP [0.6] [-4.4 , -3.8] [-0.5 , 0.9]
 Private consumption [0.3] [-1.3 , -0.5] [-0.8 , 0.6]
 Government consumption [1.9] [1.4 , 2.0] [1.0 , 1.8]
 Gross fixed capital formation [-0.2] [-12.1 , -9.9] [-5.2 , -1.2]
 Exports (goods and services) [0.9] [-16.2 , -13.6] [-0.6 , 2.4]
 Imports (goods and services) [1.0] [-13.6 , -11.0] [-2.3 , 2.1]
March 2009
  2008 2009 2010
HICP [3.3] [0.1 , 0.7] [0.6 , 1.4]
Real GDP [0.8] [-3.2 , -2.2] [-0.7 , 0.7]
 Private consumption [0.5] [-1.2 , -0.2] [-0.4 , 1.0]
 Government consumption [2.1] [1.3 , 2.1] [1.1 , 1.9]
 Gross fixed capital formation [0.3] [-8.6- -5.8] [-4.3 , -0.3]
 Exports (goods and services) [1.8] [-9.7 , -6.9] [-0.9 , 1.9]
 Imports (goods and services) [1.8] [-8.0 , -5.0] [-1.6 , 2.6]
Eurosystem staff macroeconomic projections
December 2009
  2008 2009 2010 2011
HICP [3.3] [0.3 , 0.3] [0.9 , 1.7] [0.8 , 2.0]
Real GDP [0.5] [-4.1 , -3.9] [0.1 , 1.5] [0.2 , 2.2]
 Private consumption [0.4] [-1.2 , -1.0] [-0.2 , 0.8] [0.2 , 1.8]
 Government consumption [2.0] [2.2 , 3.0] [0.5 , 1.7] [0.4 , 1.8
 Gross fixed capital formation [-0.6] [-11.3- -10.5] [-3.1 , -0.1] [-1.7 , 2.3]
 Exports (goods and services) [0.8] [-14.5 , -12.5] [0.6 , 5.6] [0.7 , 6.5]
 Imports (goods and services) [0.9] [-12.6 , -11.0] [0.4 , 4.6] [0.8 , 5.4]
June 2009
  2008 2009 2010
HICP [3.3] [0.1 , 0.5] [0.6 , 1.4]
Real GDP [0.6] [-5.1 , -4.1] [-1.0 , 0.4]
 Private consumption [0.3] [-1.3 , -0.5] [-1.1 , 0.3]
 Government consumption [2.0] [1.4 , 2.0] [0.9 , 1.7]
 Gross fixed capital formation [-0.3] [-12.3- -10.1] [-6.1 , -2.1]
 Exports (goods and services) [0.8] [-16.6 , -14.0] [-2.0 , 1.0]
 Imports (goods and services) [0.9] [-13.8 , -11.2] [-3.0 , 1.4]

2008

ECB staff macroeconomic projections
September 2008
  2007 2008 2009
HICP [2.1] [3.4 , 3.6] [2.3 , 2.9]
Real GDP [2.6] [1.1 , 1.7] [0.6 , 1.8]
 Private consumption [1.6] [0.5 , 0.9] [0.6 , 1.6]
 Government consumption [2.3] [1.5 , 1.9] [1.3 , 1.9]
 Gross fixed capital formation [4.4] [0.9 , 2.3] [-0.7 , 2.1]
 Exports (goods and services) [6.1] [2.9 , 4.5] [2.4 , 4.6]
 Imports (goods and services) [5.4] [2.4 , 3.8] [2.0 , 5.0]
March 2008
  2007 2008 2009
HICP [2.1] [2.6 , 3.2] [1.5 , 2.7]
Real GDP [2.6] [1.3 , 2.1] [1.3 , 2.3]
 Private consumption [1.6] [1.1 , 1.7] [1.0 , 2.4]
 Government consumption [1.9] [1.1 , 2.1] [1.0 , 2.0]
 Gross fixed capital formation [4.6] [0.5 , 3.1] [0.2 , 3.4]
 Exports (goods and services) [5.7] [2.6 , 5.6] [3.1 , 6.3]
 Imports (goods and services) [4.9] [2.0 , 5.4] [2.9 , 6.3]
Eurosystem staff macroeconomic projections
December 2008
  2007 2008 2009 2010
HICP [2.1] [3.2 , 3.4] [1.1 , 1.7 ] [1.5 , 2.1 ]
Real GDP [2.6] [0.8 , 1.2 ] [-1.0 , 0.0] [0.5 , 1.5 ]
 Private consumption [1.6] [0.1 , 0.5] [-0.3 , 0.7 ] [0.6 , 1.8 ]
 Government consumption [2.3] [1.9 , 2.3] [1.3 , 1.9 ] [1.3 , 1.9 ]
 Gross fixed capital formation [4.2] [0.2 , 1.2 ] [-6.0 , -3.0 ] [-2.4 , 1.0 ]
 Exports (goods and services) [5.9] [2.4 , 3.4 ] [-1.4 , 1.0 ] [2.3 , 4.9 ]
 Imports (goods and services) [5.4] [2.0 , 3.0 ] [-1.9 , 1.1 ] [1.4 , 5.2 ]
June 2008
  2007 2008 2009
HICP [2.1] [3.2 , 3.6] [1.8 , 3.0]
Real GDP [2.7] [1.5 , 2.1] [1.0 , 2.0]
 Private consumption [1.6] [1.1 , 1.5] [0.9 , 2.1]
 Government consumption [2.1] [1.3 , 2.3] [1.2 , 2.2]
 Gross fixed capital formation [4.7] [1.3 , 3.5] [-0.4 , 2.8]
 Exports (goods and services) [5.7] [3.5 , 6.3] [2.4 , 5.6]
 Imports (goods and services) [5.2] [2.9 , 6.3] [2.2 , 5.6]

2007

ECB staff macroeconomic projections
September 2007
  2006 2007 2008
HICP [2.2] [1.9 , 2.1] [1.5 , 2.5]
Real GDP [2.9] [2.2 , 2.8] [1.8 , 2.8]
 Private consumption [1.9] [1.4 , 1.8] [1.5 , 2.7]
 Government consumption [1.9] [1.3 , 2.3] [1.2 , 2.2]
 Gross fixed capital formation [5.2] [3.6 , 5.2] [1.4 , 4.6]
 Exports (goods and services) [8.2] [4.6 , 7.4] [3.9 , 7.1]
 Imports (goods and services) [7.9] [3.7 , 6.7] [3.6 , 7.0]
March 2007
  2006 2007 2008
HICP [2.2] [1.5 , 2.1] [1.4 , 2.6]
Real GDP [2.8] [2.1 , 2.9] [1.9 , 2.9]
 Private consumption [2.0] [1.8 , 2.4] [1.6 , 3.0]
 Government consumption [2.3] [0.8 , 1.8] [1.0 , 2.0]
Gross fixed capital formation [4.9] [2.4 , 5.0] [1.9 , 5.1]
 Exports (goods and services) [8.3] [4.7 , 7.7] [4.1 , 7.3]
 Imports (goods and services) [7.9] [3.7 , 7.1] [4.2 , 7.6]
Eurosystem staff macroeconomic projections
December 2007
  2006 2007 2008 2009
HICP [2.2] [2.0 , 2.2] [2.0 , 3.0] [1.2 , 2.4]
Real GDP [2.9] [2.4 , 2.8] [1.5 , 2.5] [1.6 , 2.6]
 Private consumption [1.9] [1.4 , 1.8] [1.4 , 2.4] [1.2 , 2.8]
 Government consumption [1.9] [1.4 , 2.6] [1.1 , 2.1] [1.0 , 2.0]
 Gross fixed capital formation [5.2] [4.0 , 5.0] [0.9 , 3.9] [0.7 , 3.9]
 Exports (goods and services) [8.0] [4.6 , 7.4] [3.5 , 6.7] [3.9 , 7.1]
 Imports (goods and services) [7.6] [4.0 , 6.6] [3.3 , 6.7] [3.6 , 7.0]
June 2007
  2006 2007 2008
HICP [2.2] [1.8 , 2.2] [1.4 , 2.6]
Real GDP [2.9] [2.3 , 2.9] [1.8 , 2.8]
 Private consumption [1.8] [1.7 , 2.1] [1.6 , 2.8]
 Government consumption [2.0] [1.0 , 2.0] [1.0 , 2.0]
 Gross fixed capital formation [5.1] [3.8 , 6.0] [1.9 , 5.1]
 Exports (goods and services) [8.5] [4.8 , 7.6] [4.0 , 7.2]
 Imports (goods and services) [8.0] [4.6 , 8.0] [3.9 , 7.3]

2006

ECB staff macroeconomic projections
September 2006
  2005 2006 2007
HICP [2.2] [2.3 , 2.5] [1.9 , 2.9]
Real GDP [1.5] [2.2 , 2.8] [1.6 , 2.6]
 Private consumption [1.5] [1.8 , 2.2] [0.9 , 2.1]
 Government consumption [1.3] [1.0 , 2.0] [0.7 , 1.7]
 Gross fixed capital formation [2.7] [3.0 , 4.6] [2.1 , 5.3]
 Exports (goods and services) [4.2] [6.0 , 8.8] [3.4 , 6.6]
 Imports (goods and services) [5.2] [5.7 , 8.7] [3.1 , 6.5]
March 2006
  2005 2006 2007
HICP [2.2] [1.9 , 2.5] [1.6 , 2.8]
Real GDP [1.4] [1.7 , 2.5] [1.5 , 2.5]
 Private consumption [1.4] [1.1 , 1.7] [0.6 , 2.0]
 Government consumption [1.2] [1.4 , 2.4] [0.8 , 1.8]
 Gross fixed capital formation [2.2] [2.4 , 5.0] [1.8 , 5.0]
 Exports (goods and services) [3.8] [4.2 , 7.2] [3.8 , 7.0]
 Imports (goods and services) [4.6] [4.2 , 7.6] [3.4 , 6.8]
Eurosystem staff macroeconomic projections
December 2006
  2005 2006 2007 2008
HICP [2.2] [2.1 , 2.3] [1.5 , 2.5] [1.3 , 2.5]
Real GDP [1.5] [2.5 , 2.9] [1.7 , 2.7] [1.8 , 2.8]
 Private consumption [1.4] [1.8 , 2.2] [1.3 , 2.3] [1.2 , 2.8]
 Government consumption [1.3] [1.4 , 2.6] [0.5 , 1.5] [0.8 , 1.8]
 Gross fixed capital formation [2.7] [4.4 , 5.4] [2.5 , 5.5] [1.8 , 5.0]
 Exports (goods and services) [4.6] [6.6 , 9.4] [4.2 , 7.4] [4.2 , 7.4]
 Imports (goods and services) [5.5] [6.7 , 9.3] [3.9 , 7.3] [4.0 , 7.4]
June 2006
  2005 2006 2007
HICP [2.2] [2.1 , 2.5] [1.6 , 2.8]
Real GDP [1.4] [1.8 , 2.4] [1.3 , 2.3]
 Private consumption [1.4] [1.4 , 1.8] [0.5 , 1.7]
 Government consumption [1.4] [1.3 , 2.3] [0.7 , 1.7]
 Gross fixed capital formation [2.5] [2.3 , 4.5] [1.6 , 4.8]
 Exports (goods and services) [4.1] [5.2 , 8.0] [3.3 , 6.5]
 Imports (goods and services) [5.0] [5.3 , 8.7] [2.8 , 6.2]

2005

ECB staff macroeconomic projections
September 2005
  2004 2005 2006
HICP [2.1] [2.1 , 2.3] [1.4 , 2.4]
Real GDP [1.8] [1.0 , 1.6] [1.3 , 2.3]
 Private consumption [1.3] [1.1 , 1.5] [0.7 , 1.9]
 Government consumption [1.4] [0.6 , 1.6] [1.1 , 2.1]
 Gross fixed capital formation [1.4] [0.4 , 2.0] [1.3 , 4.5]
 Exports (goods and services) [5.9] [2.4 , 5.2] [4.6 , 7.8]
 Imports (goods and services) [6.1] [2.2 , 5.2] [4.3 , 7.7]
March 2005
  2004 2005 2006
HICP [2.1] [1.6 , 2.2] [1.0 , 2.2]
Real GDP [1.8] [1.2 , 2.0] [1.6 , 2.6]
 Private consumption [1.1] [1.2 , 1.8] [1.2 , 2.6]
 Government consumption [1.5] [0.7 , 1.7] [0.6 , 1.6]
 Gross fixed capital formation [1.7] [1.6 , 4.2] [2.1 , 5.3]
 Exports (goods and services) [6.1] [4.0 , 7.0] [4.9 , 8.1]
 Imports (goods and services) [6.5] [4.7 , 8.1] [4.9 , 8.3]
Eurosystem staff macroeconomic projections
December 2005
  2004 2005 2006 2007
HICP [2.1] [2.1 , 2.3] [1.6 , 2.6] [1.4 , 2.6]
Real GDP [1.8] [1.2 , 1.6] [1.4 , 2.4] [1.4 , 2.4]
 Private consumption [1.4] [1.1 , 1.5] [0.9 , 1.9] [0.6 , 2.2]
 Government consumption [1.1] [0.4 , 1.6] [1.1 , 2.1] [0.5 , 1.5]
 Gross fixed capital formation [1.6] [1.4 , 2.4] [1.6 , 4.6] [1.5 , 4.7]
 Exports (goods and services) [6.1] [2.6 , 5.4] [4.3 , 7.5] [4.1 , 7.3]
 Imports (goods and services) [6.3] [3.4 , 6.0] [4.2 , 7.6] [3.5 , 6.9]
June 2005
  2004 2005 2006
HICP [2.1] [1.8 , 2.2] [0.9 , 2.1]
Real GDP [1.8] [1.1 , 1.7] [1.5 , 2.5]
 Private consumption [1.1] [1.2 , 1.6] [1.0 , 2.2]
 Government consumption [1.3] [0.4 , 1.4] [1.1 , 2.1]
 Gross fixed capital formation [1.7] [0.5 , 2.7] [1.9 , 5.1]
 Exports (goods and services) [6.1] [3.1 , 5.9] [4.5 , 7.7]
 Imports (goods and services) [6.1] [2.6 , 6.0] [4.4 , 7.8]

2004

ECB staff macroeconomic projections
September 2004
  2003 2004 2005
HICP [2.1] [2.1 , 2.3] [1.3 , 2.3]
Real GDP [0.5] [1.6 , 2.2] [1.8 , 2.8]
 Private consumption [1.0] [1.2 , 1.6] [1.5 , 2.7]
 Government consumption [1.9] [0.7 , 1.7] [0.5 , 1.5]
 Gross fixed capital formation [-0.4] [0.8 , 2.4] [2.0 , 5.2]
 Exports (goods and services) [0.3] [4.8 , 7.6] [5.6 , 8.8]
 Imports (goods and services) [2.1] [3.7 , 6.7] [5.3 , 8.7]
March 2004
  2003 2004 2005
HICP [2.1] [1.4 , 2.0] [0.9 , 2.1]
Real GDP [0.4] [1.1 , 1.9] [1.9 , 2.9]
 Private consumption [1.1] [1.0 , 1.6] [1.6 , 3.0]
 Government consumption [1.7] [0.7 , 1.7] [0.4 , 1.4]
 Gross fixed capital formation [-1.4] [0.7 , 3.3] [2.3 , 5.5]
 Exports (goods and services) [0.2] [2.9 , 5.9] [4.8 , 8.0]
 Imports (goods and services) [1.6] [3.1 , 6.5] [5.2 , 8.6]
Eurosystem staff macroeconomic projections
December 2004
  2003 2004 2005 2006
HICP [2.1] [2.1 , 2.3] [1.5 , 2.5] [1.0 , 2.2]
Real GDP [0.5] [1.6 , 2.0] [1.4 , 2.4] [1.7 , 2.7]
 Private consumption [1.1] [0.9 , 1.3] [1.1 , 2.1] [1.2 , 2.8]
 Government consumption [1.6] [0.9 , 2.1] [0.3 , 1.3] [0.7 , 1.7]
 Gross fixed capital formation [-0.6] [1.2 , 2.2] [1.7 , 4.7] [2.1 , 5.3]
 Exports (goods and services) [0.2] [4.5 , 7.3] [4.6 , 7.8] [4.8 , 8.0]
 Imports (goods and services) [2.0] [5.0 , 7.6] [4.8 , 8.2] [4.8 , 8.2]
June 2004
  2003 2004 2005
HICP [2.1] [1.9 , 2.3] [1.1 , 2.3]
Real GDP [0.5] [1.4 , 2.0] [1.7 , 2.7]
 Private consumption [1.0] [1.0 , 1.4] [1.4 , 2.6]
 Government consumption [2.0] [0.9 , 1.9] [0.4 , 1.4]
 Gross fixed capital formation [-0.8] [0.7 , 2.9] [1.9 , 5.1]
 Exports (goods and services) [-0.2] [3.2 , 6.0] [5.0 , 8.2]
 Imports (goods and services) [1.7] [2.8 , 6.2] [5.0 , 8.4]

2003

ECB staff macroeconomic projections
September 2003
  2002 2003 2004
HICP [2.3] [2.0 , 2.2] [1.0 , 2.0]
Real GDP [0.9] [0.1 , 0.7] [1.0 , 2.0]
 Private consumption [0.6] [0.9 , 1.3] [1.0 , 2.2]
 Government consumption [2.8] [1.1 , 2.1] [0.4 , 1.4]
 Gross fixed capital formation [-2.7] [-1.5 , 0.1] [0.8 , 4.0]
 Exports (goods and services) [1.5] [-1.8 , 1.0] [2.6 , 5.8]
 Imports (goods and services) [-0.2] [0.5 , 3.5] [3.3 , 6.7]
March 2003
  2002 2003 2004
HICP [2.2] [1.7 , 2.3] [0.9 , 2.1]
Real GDP [0.8] [0.6 , 1.4] [1.5 , 2.5]
 Private consumption [0.7] [0.9 , 1.5] [1.2 , 2.6]
 Government consumption [2.3] [0.8 , 1.8] [0.8 , 1.8]
 Gross fixed capital formation [-2.6] [-0.9 , 1.7] [0.7 , 3.9]
 Exports (goods and services) [1.4] [2.4 , 5.4] [3.4 , 6.6]
 Imports (goods and services) [-0.1] [2.9 , 6.3] [4.1 , 7.5]
Eurosystem staff macroeconomic projections
December 2003
  2002 2003 2004 2005
HICP [2.3] [2.0 , 2.2] [1.3 , 2.3] [1.0 , 2.2]
Real GDP [0.9] [0.2 , 0.6] [1.1 , 2.1] [1.9 , 2.9]
 Private consumption [0.5] [1.0 , 1.4] [1.1 , 2.1] [1.4 , 3.0]
 Government consumption [2.8] [0.9 , 2.1] [0.6 , 1.6] [0.3 , 1.3]
 Gross fixed capital formation [-2.8] [-1.7 , -0.7] [0.2 , 3.2] [2.3 , 5.5]
 Exports (goods and services) [1.7] [-1.6 , 1.2] [2.8 , 6.0] [5.0 , 8.2]
 Imports (goods and services) [0.0] [0.1 , 2.7] [2.9 , 6.3] [5.1 , 8.5]
June 2003
  2002 2003 2004
HICP [2.3] [1.8 , 2.2] [0.7 , 1.9]
Real GDP [0.9] [0.4 , 1.0] [1.1 , 2.1]
 Private consumption [0.6] [1.2 , 1.6] [1.1 , 2.4]
 Government consumption [2.8] [0.7 , 1.6] [0.5 , 1.5]
 Gross fixed capital formation [-2.7] [-1.3 , 0.9] [0.5 , 3.7]
 Exports (goods and services) [1.2] [0.5 , 3.4] [3.0 , 6.2]
 Imports (goods and services) [-0.5] [1.6 , 5.0] [3.5 , 6.9]

2002

ECB staff macroeconomic projections
September 2002
  2001 2002 2003
HICP [2.5] [2.1 , 2.3] [1.3 , 2.3]
Real GDP [1.5] [0.5 , 1.1] [1.6 , 2.6]
 Private consumption [1.9] [0.5 , 0.9] [1.3 , 2.5]
 Government consumption [1.9] [1.2 , 2.2] [1.0 , 2.0]
 Gross fixed capital formation [-0.5] [-2.6 , -1.0] [0.4 , 3.6]
 Exports (goods and services) [2.8] [-1.0 , 1.8] [3.5 , 6.7]
 Imports (goods and services) [1.2] [-2.4 , 0.6] [4.0 , 7.4]
March 2002
  2001 2002 2003
HICP [2.7] [1.5 , 2.1] [1.0 , 2.2]
Real GDP [1.5] [0.6 , 1.4] [2.0 , 3.0]
 Private consumption [1.9] [1.2 , 1.8] [1.7 , 3.1]
 Government consumption [1.9] [1.0 , 2.0] [0.7 , 1.7]
 Gross fixed capital formation [-0.2] [-0.9 , 1.7] [2.0 , 5.2]
 Exports (goods and services) [3.2] [-0.8 , 2.2] [4.0 , 7.2]
 Imports (goods and services) [1.8] [-0.4 , 3.0] [4.0 , 7.4]
Eurosystem staff macroeconomic projections
December 2002
  2001 2002 2003 2004
HICP [2.5] [2.1 , 2.3] [1.3 , 2.3] [1.0 , 2.2]
Real GDP [1.5] [0.6 , 1.0] [1.1 , 2.1] [1.9 , 2.9]
 Private consumption [1.9] [0.4 , 0.8] [1.1 , 2.1] [1.5 , 3.1]
 Government consumption [1.9] [1.3 , 2.5] [0.7 , 1.7] [0.8 , 1.8]
 Gross fixed capital formation [-0.4] [-2.9 , -1.9] [-0.6 , 2.4] [1.4 , 4.6]
 Exports (goods and services) [3.0] [-0.9 , 1.9] [2.4 , 5.6] [3.9 , 7.1]
 Imports (goods and services) [1.5] [-2.4 , 0.2] [2.6 , 6.0] [4.1 , 7.5]
June 2002
  2001 2002 2003
HICP [2.5] [2.1 , 2.5] [1.3 , 2.5]
Real GDP [1.5] [0.9 , 1.5] [2.1 , 3.1]
 Private consumption [1.8] [1.0 , 1.4] [1.7 , 3.0]
 Government consumption [2.2] [1.0 , 1.9] [1.0 , 2.0]
 Gross fixed capital formation [-0.3] [-1.2 , 1.0] [1.0 , 4.2]
 Exports (goods and services) [2.7] [0.0 , 2.9] [4.5 , 7.7]
 Imports (goods and services) [0.9] [-1.1 , 2.3] [4.4 , 7.8]

2001

ECB staff macroeconomic projections
September 2001
  2000 2001 2002
HICP [2.4] [2.6 , 2.8] [1.3 , 2.3]
Real GDP [3.4] [1.3 , 1.9] [1.5 , 2.5]
 Private consumption [2.6] [1.4 , 1.8] [1.5 , 2.7]
 Government consumption [1.9] [1.2 , 2.2] [1.0 , 2.0]
 Gross fixed capital formation [4.6] [0.5 , 2.1] [1.7 , 4.9]
 Exports (goods and services) [12.0] [3.0 , 5.8] [2.3 , 5.5]
 Imports (goods and services) [10.9] [2.4 , 5.4] [3.0 , 6.4]
March 2001
  2000 2001 2002
HICP [2.4] [1.7 , 2.3] [1.1 , 2.3]
Real GDP [3.4] [2.5 , 3.3] [2.3 , 3.3]
 Private consumption [2.6] [2.6 , 3.2] [2.0 , 3.4]
 Government consumption [1.6] [0.9 , 1.9] [0.9 , 1.9]
 Gross fixed capital formation [4.7] [2.9 , 5.5] [2.7 , 5.9]
 Exports (goods and services) [11.8] [6.5 , 9.5] [4.9 , 8.1]
 Imports (goods and services) [10.8] [6.7 , 10.1] [5.1 , 8.5]
Eurosystem staff macroeconomic projections
December 2001
  2000 2001 2002 2003
HICP [2.4] [2.6 , 2.8] [1.1 , 2.1] [0.9 , 2.1]
Real GDP [3.4] [1.3 , 1.7] [0.7 , 1.7] [2.0 , 3.0]
 Private consumption [2.6] [1.7 , 2.1] [1.2 , 2.2] [1.5 , 3.1]
 Government consumption [1.8] [1.1 , 2.3] [0.8 , 1.8] [0.8 , 1.8]
 Gross fixed capital formation [4.5] [-0.6 , 0.4] [-1.0 , 2.0] [1.2 , 4.4]
 Exports (goods and services) [12.4] [2.4 , 5.2] [0.3 , 3.5] [4.0 , 7.2]
 Imports (goods and services) [10.9] [1.1 , 3.7] [0.6 , 4.0] [3.7 , 7.1]
June 2001
  2000 2001 2002
HICP [2.4] [2.3 , 2.7] [1.2 , 2.4]
Real GDP [3.4] [2.2 , 2.8] [2.1 , 3.1]
 Private consumption [2.7] [2.2 , 2.6] [2.0 , 3.3]
 Government consumption [2.0] [1.2 , 2.1] [0.9 , 1.9]
 Gross fixed capital formation [4.6] [2.3 , 4.5] [2.2 , 5.4]
 Exports (goods and services) [12.2] [5.0 , 7.9] [4.1 , 7.3]
 Imports (goods and services) [10.9] [4.9 , 8.3] [4.3 , 7.7]

2000

Eurosystem staff macroeconomic projections
December 2000
  1999 2000 2001 2002
HICP [1.1] [2.3 , 2.5] [1.8 , 2.8] [1.3 , 2.5]
Real GDP [2.5] [3.2 , 3.6] [2.6 , 3.6] [2.5 , 3.5]
 Private consumption [2.8] [2.3 , 2.7] [2.2 , 3.2] [1.7 , 3.3]
 Government consumption [1.4] [0.8 , 2.0] [0.6 , 1.6] [0.9 , 1.9]
 Gross fixed capital formation [5.3] [4.7 , 5.7] [3.3 , 6.3] [3.1 , 6.3]
 Exports (goods and services) [4.6] [9.8 , 12.6] [6.5 , 9.7] [5.6 , 8.8]
 Imports (goods and services) [6.2] [8.8 , 11.4] [6.0 , 9.4] [5.3 , 8.7]
SEE ALSO

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Economic Bulletin ECB/Eurosystem staff projections including summary