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2006 Q4

Inflation forecasts Core inflation forecasts Real GDP growth forecasts Unemployment rate forecasts

HICP Inflation forecasts

Inflation is defined as the year on year percentage change in the euro area all items Harmonised Index of Consumer Prices (HICP), as published by Eurostat

2006 Q4 inflation forecasts
  2006 2007 2008 Sep. 2007 Sep. 2008 2011
Mean point estimate 2.2 2.1 1.9 2.1 1.9 1.9
Standard deviation 0.1 0.2 0.2 0.2 0.2 0.1
Number of replies 63 63 56 53 48 47
Probability distributions 2006 2007 2008 Sep. 2007 Sep. 2008 2011
<0.0% 0.0 0.0 0.1 0.0 0.00.2
0.0-0.4% 0.1 0.2 0.2 0.3 0.40.9
0.5-0.9% 0.3 0.9 1.8 1.4 2.23.1
1.0-1.4% 0.5 5.6 11.0 6.6 10.911.4
1.5-1.9% 9.4 26.8 42.4 32.4 42.239.4
2.0-2.4% 82.2 49.7 33.6 43.3 32.432.1
2.5-2.9% 7.2 14.3 8.7 13.2 9.29.6
3.0-3.4% 0.3 2.2 2.0 2.2 2.22.5
>3.5% 0.0 0.3 0.3 0.5 0.40.7
Total 100.0 100.0 100.0 100.0 100.0 100.0

Core HICP inflation forecasts

Core inflation is defined as the year on year percentage change in the euro area HICP special aggregate ‘all items excluding energy, food, alcohol and tobacco’, as published by Eurostat.

Real GDP growth forecasts

Real GDP growth is defined as year on year percentage change of real GDP (i.e. in volumes) in the euro area , according to the standardised European System of national and regional Accounts 2010 definition, as published by Eurostat.

2006 Q4 real GDP growth forecasts
  2006 2007 2008 2007 Q2 2008 Q2 2011
Mean point estimate 2.6 2.0 2.0 2.0 2.0 2.0
Standard deviation 0.1 0.3 0.3 0.3 0.3 0.3
Number of replies 63 63 51 54 43 44
Probability distributions 2006 2007 2008 2007 Q2 2008 Q2 2011
<0.0% 0.0 0.4 0.4 0.1 0.20.6
0.0-0.4% 0.1 0.7 0.7 0.3 0.91.3
0.5-0.9% 0.2 2.3 3.0 1.7 3.54.0
1.0-1.4% 1.0 9.5 10.0 11.9 12.312.5
1.5-1.9% 4.5 32.0 33.7 33.4 33.633.1
2.0-2.4% 28.8 39.5 34.1 36.2 33.128.9
2.5-2.9% 59.7 11.8 13.9 13.0 13.013.6
3.0-3.4% 5.1 2.6 3.0 2.6 2.94.2
3.5-3.9% 0.4 0.8 0.7 0.6 0.51.5
>4.0% 0.1 0.3 0.5 0.2 0.10.3
Total 100.0 100.0 100.0 100.0 100.0 100.0

Unemployment rate forecasts

The unemployment rate is defined as the number of unemployed, according to the ILO's definition, as a percentage of the labour force, as published by Eurostat.

2006 Q4 unemployment rate forecasts
  2006 2007 2008 Aug. 2007 Aug. 2008 2011
Mean point estimate 7.9 7.6 7.4 7.6 7.4 7.0
Standard deviation 0.1 0.2 0.2 0.2 0.2 0.5
Number of replies 59 60 49 49 40 43
Probability distributions 2006 2007 2008 Aug. 2007 Aug. 2008 2011
<5.5% 0.0 0.1 0.2 0.1 0.21.4
5.5-5.9% 0.0 0.1 0.4 0.1 0.32.9
6.0-6.4% 0.1 0.5 1.6 0.4 1.511.5
6.5-6.9% 0.4 3.5 9.4 3.9 10.418.5
7.0-7.4% 4.9 24.8 35.5 25.1 33.625.8
7.5-7.9% 61.3 47.0 34.2 45.8 33.820.5
8.0-8.4% 29.8 18.1 13.7 18.4 14.611.6
8.5-8.9% 2.5 4.2 4.1 4.7 4.15.3
9.0-9.4% 0.6 0.9 0.6 0.8 0.81.5
9.5-9.9% 0.2 0.5 0.2 0.4 0.50.9
10.0-10.4% 0.1 0.2 0.1 0.1 0.10.1
10.5-10.9% 0.0 0.0 0.0 0.0 0.00.0
>11.0% 0.0 0.0 0.0 0.0 0.00.0
Total 100.0 100.0 100.0 100.0 100.0 100.0