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2012 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

2012 Q2 inflation forecasts
  2012 2013 Mar. 2013 Mar. 2014 2016
Mean point estimate 2.3 1.8 1.8 1.8 2.0
Standard deviation 0.3 0.3 0.3 0.2 0.3
Number of replies 55 55 46 37 46
Probability distributions 2012 2013 Mar. 2013 Mar. 2014 2016
<-1.0% 0.0 0.1 0.0 0.20.3
-1.0 to -0.6% 0.1 0.4 0.3 0.30.5
-0.5 to -0.1% 0.2 0.9 0.7 0.81.1
0.0 to 0.4% 0.7 3.1 2.9 2.82.5
0.5 to 0.9% 1.7 7.4 7.8 7.15.5
1.0 to 1.4% 4.8 17.0 15.2 15.413.2
1.5 to 1.9% 16.0 34.2 30.6 32.528.1
2.0 to 2.4% 40.0 24.0 25.7 24.227.1
2.5 to 2.9% 28.7 9.5 11.8 11.513.7
3.0 to 3.4% 6.1 2.5 3.5 3.75.9
3.5 to 3.9% 1.4 0.8 1.2 1.02.1
>4.0% 0.4 0.2 0.3 0.40.3
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.

2012 Q2 real GDP growth forecasts
  2012 2013 2012 Q4 2013 Q4 2016
Mean point estimate -0.2 1.0 0.2 1.2 1.8
Standard deviation 0.3 0.3 0.5 0.3 0.3
Number of replies 55 55 44 42 45
Probability distributions 2012 2013 2012 Q4 2013 Q4 2016
<-1.0% 7.3 1.7 4.1 1.10.2
-1.0 to -0.6% 19.6 2.9 9.1 1.60.6
-0.5 to -0.1% 36.6 7.4 22.0 5.21.3
0.0 to 0.4% 22.6 14.8 31.3 11.23.9
0.5 to 0.9% 8.8 27.9 16.8 18.68.2
1.0 to 1.4% 3.5 24.6 8.6 26.618.2
1.5 to 1.9% 1.2 12.2 5.2 21.227.5
2.0 to 2.4% 0.4 5.2 2.0 8.821.1
2.5 to 2.9% 0.1 2.3 0.6 3.711.3
3.0 to 3.4% 0.0 0.7 0.3 1.35.1
3.5 to 3.9% 0.0 0.2 0.0 0.62.0
>4.0% 0.0 0.1 0.0 0.20.6
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.

2012 Q2 unemployment rate forecasts
  2012 2013 Feb. 2013 Feb. 2014 2016
Mean point estimate 11.0 10.9 11.1 10.7 8.9
Standard deviation 0.3 0.5 0.3 0.5 1.0
Number of replies 52 51 38 33 40
Probability distributions 2012 2013 Feb. 2013 Feb. 2014 2016
<6.5% 0.0 0.0 0.0 0.13.3
6.5 to 6.9% 0.0 0.0 0.0 0.12.4
7.0 to 7.4% 0.0 0.0 0.0 0.14.7
7.5 to 7.9% 0.0 0.2 0.1 0.18.8
8.0 to 8.4% 0.1 0.5 0.2 0.613.1
8.5 to 8.9% 0.5 1.5 0.4 1.417.2
9.0 to 9.4% 1.6 2.5 1.0 5.615.1
9.5 to 9.9% 2.7 6.2 4.6 11.813.9
10.0 to 10.4% 10.9 14.2 12.1 19.311.2
10.5 to 10.9% 33.9 28.9 25.4 25.15.0
11.0 to 11.4% 35.3 26.1 29.5 18.92.0
11.5 to 11.9% 11.7 12.5 16.6 9.41.1
12.0 to 12.4% 2.8 5.3 7.1 4.20.7
12.5 to 12.9% 0.5 1.6 2.3 1.60.5
13.0 to 13.4% 0.0 0.3 0.5 0.60.3
13.5 to 13.9% 0.0 0.1 0.1 0.30.2
14.0 to 14.4% 0.0 0.1 0.0 0.20.1
14.5 to 14.9% 0.0 0.0 0.0 0.10.1
>15.0% 0.0 0.1 0.0 0.30.1
Total 100.0 100.0 100.0 100.0 100.0