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Survey of Professional Forecasters

The ECB Survey of Professional Forecasters (SPF) collects information on the expected rates of inflation, real GDP growth and unemployment in the euro area at several horizons, ranging from the current year to the longer term. Expectations are reported not only as point forecasts, but also as probability distributions, providing a quantitative assessment of risk and uncertainty.

The Survey of Professional Forecasters began in 1999. The aggregate results and microdata are published four times a year. The next release will be published on 22 April 2025 (provisional).

Survey results Q1 2025

Inflation

Inflation expectations revised up for 2025 but otherwise unchanged; longer-term expectations (for 2029) remain at 2.0%

More on inflation
GDP

GDP growth expectations revised down by 0.2 and 0.1 percentage points for 2025 and 2026 respectively, but longer-term expectations unrevised

More on GDP
Unemployment

Unemployment rate expectations unchanged for 2025 and 2026, but longer-term expectations revised down slightly

More on unemployment

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For the media

Results of the ECB Survey of Professional Forecasters for the first quarter of 2025

Read the press release

Full report

Explore in detail the latest survey respondents' expectations on future inflation, economic growth, unemployment and other economic variables.

Read the report
SEE ALSO

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WORKING PAPER SERIES

Our working paper series covers economic research that is relevant to our tasks. They are addressed to experts, so readers should be knowledgeable in economics.

Working papers that mention this survey

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