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2008 Q2

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

2008 Q2 inflation forecasts
  2008 2009 Mar. 2009 Mar. 2010 2012
Mean point estimate 3.0 2.2 2.1 2.0 1.9
Standard deviation 0.2 0.3 0.3 0.2 0.1
Number of replies 58 57 53 45 48
Probability distributions 2008 2009 Mar. 2009 Mar. 2010 2012
<0.0% 0.0 0.1 0.0 0.00.2
0.0-0.4% 0.0 0.3 0.2 0.40.8
0.5-0.9% 0.1 1.2 1.0 1.62.6
1.0-1.4% 0.3 4.7 6.3 8.99.9
1.5-1.9% 1.1 25.6 25.1 28.536.1
2.0-2.4% 8.4 43.6 36.7 39.235.1
2.5-2.9% 34.8 18.8 21.1 16.611.2
3.0-3.4% 45.7 4.9 8.2 3.73.2
>3.5% 9.5 0.8 1.4 1.00.9
Total 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.

2008 Q2 real GDP growth forecasts
  2008 2009 2008 Q4 2009 Q4 2012
Mean point estimate 1.6 1.6 1.4 1.9 2.1
Standard deviation 0.2 0.3 0.4 0.4 0.2
Number of replies 58 57 51 50 46
Probability distributions 2008 2009 2008 Q4 2009 Q4 2012
<0.0% 0.2 0.8 0.9 0.30.6
0.0-0.4% 1.2 1.4 3.4 1.11.0
0.5-0.9% 5.5 7.8 16.0 5.52.9
1.0-1.4% 30.5 27.6 32.8 21.48.4
1.5-1.9% 44.9 37.3 28.7 33.427.6
2.0-2.4% 14.7 17.9 13.0 25.535.6
2.5-2.9% 2.4 4.8 3.4 8.415.9
3.0-3.4% 0.6 1.6 1.2 3.25.2
3.5-3.9% 0.1 0.6 0.4 1.02.0
>4.0% 0.0 0.1 0.1 0.20.7
Total 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.

2008 Q2 unemployment rate forecasts
  2008 2009 Feb. 2009 Feb. 2010 2012
Mean point estimate 7.1 7.1 7.2 7.1 6.6
Standard deviation 0.2 0.3 0.3 0.5 0.5
Number of replies 57 55 47 40 41
Probability distributions 2008 2009 Feb. 2009 Feb. 2010 2012
<5.5% 0.0 0.2 0.2 0.64.1
5.5-5.9% 0.4 0.9 1.1 2.910.3
6.0-6.4% 3.1 7.4 7.0 11.920.5
6.5-6.9% 26.9 27.4 25.8 27.428.4
7.0-7.4% 52.6 38.8 39.6 31.919.7
7.5-7.9% 14.5 18.4 18.4 14.49.2
8.0-8.4% 2.1 5.7 6.4 7.84.7
8.5-8.9% 0.3 0.9 1.3 2.71.8
9.0-9.4% 0.0 0.3 0.3 0.40.8
9.5-9.9% 0.0 0.1 0.1 0.10.2
10.0-10.4% 0.0 0.0 0.0 0.00.1
10.5-10.9% 0.0 0.0 0.0 0.00.1
>11.0% 0.0 0.0 0.0 0.00.0
Total 100.0 100.0 100.0 100.0 100.0