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2012 Q3

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 Q3 inflation forecasts
  2012 2013 2014 June 2013 June 2014 2017
Mean point estimate 2.3 1.7 1.9 1.8 1.9 2.0
Standard deviation 0.1 0.3 0.3 0.4 0.3 0.2
Number of replies 50 49 39 43 34 38
Probability distributions 2012 2013 2014 June 2013 June 2014 2017
<-1.0% 0.0 0.0 0.1 0.0 0.10.2
-1.0 to -0.6% 0.0 0.2 0.2 0.2 0.20.3
-0.5 to -0.1% 0.0 0.6 0.6 0.7 0.80.7
0.0 to 0.4% 0.1 2.6 2.9 3.6 2.32.0
0.5 to 0.9% 0.8 7.6 7.6 8.9 6.35.3
1.0 to 1.4% 2.4 17.9 15.3 18.0 16.412.8
1.5 to 1.9% 11.9 37.1 31.3 31.1 31.426.2
2.0 to 2.4% 56.4 22.6 25.9 23.4 26.129.8
2.5 to 2.9% 23.6 8.3 11.7 9.8 11.515.2
3.0 to 3.4% 3.7 2.3 3.3 2.8 3.75.4
3.5 to 3.9% 0.9 0.8 1.0 1.1 0.91.7
>4.0% 0.2 0.1 0.2 0.4 0.30.3
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.

2012 Q3 real GDP growth forecasts
  2012 2013 2014 2013 Q1 2014 Q1 2017
Mean point estimate -0.3 0.6 1.4 0.1 1.2 1.8
Standard deviation 0.2 0.3 0.3 0.5 0.4 0.3
Number of replies 50 49 38 41 32 35
Probability distributions 2012 2013 2014 2013 Q1 2014 Q1 2017
<-1.0% 7.0 2.3 0.7 5.6 1.10.1
-1.0 to -0.6% 23.8 4.4 1.3 11.5 1.50.3
-0.5 to -0.1% 44.9 10.5 3.5 23.4 4.21.0
0.0 to 0.4% 16.3 20.4 7.9 28.3 9.03.7
0.5 to 0.9% 5.5 32.1 16.8 15.6 18.88.6
1.0 to 1.4% 1.9 19.0 30.7 9.5 31.419.2
1.5 to 1.9% 0.5 7.7 21.7 4.0 19.529.1
2.0 to 2.4% 0.1 2.6 10.1 1.5 9.521.6
2.5 to 2.9% 0.0 0.7 4.7 0.3 3.210.3
3.0 to 3.4% 0.0 0.2 1.7 0.1 1.34.1
3.5 to 3.9% 0.0 0.1 0.5 0.1 0.41.6
>4.0% 0.0 0.0 0.4 0.0 0.10.4
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.

2012 Q3 unemployment rate forecasts
  2012 2013 2014 May 2013 May 2014 2017
Mean point estimate 11.2 11.4 10.8 11.3 10.9 9.2
Standard deviation 0.2 0.5 0.6 0.5 0.6 0.9
Number of replies 48 48 37 39 31 33
Probability distributions 2012 2013 2014 May 2013 May 2014 2017
<6.5% 0.0 0.0 0.0 0.0 0.01.3
6.5 to 6.9% 0.0 0.0 0.0 0.0 0.02.6
7.0 to 7.4% 0.0 0.0 0.0 0.0 0.03.0
7.5 to 7.9% 0.1 0.1 0.1 0.1 0.15.3
8.0 to 8.4% 0.1 0.1 0.5 0.2 0.411.0
8.5 to 8.9% 0.3 0.4 1.4 0.8 1.415.5
9.0 to 9.4% 0.3 1.1 3.9 1.8 4.216.4
9.5 to 9.9% 1.0 2.9 7.3 3.2 7.615.1
10.0 to 10.4% 4.0 6.1 12.9 6.2 13.716.3
10.5 to 10.9% 17.6 15.9 24.1 16.9 20.67.7
11.0 to 11.4% 51.2 33.4 24.4 32.4 25.72.3
11.5 to 11.9% 19.4 23.9 15.4 22.7 16.21.4
12.0 to 12.4% 4.6 10.6 7.0 10.6 6.90.8
12.5 to 12.9% 1.3 3.6 2.3 3.3 2.10.6
13.0 to 13.4% 0.1 1.3 0.6 1.2 0.80.4
13.5 to 13.9% 0.0 0.4 0.1 0.4 0.20.2
14.0 to 14.4% 0.0 0.1 0.0 0.1 0.00.1
14.5 to 14.9% 0.0 0.0 0.0 0.0 0.00.0
>15.0% 0.0 0.0 0.0 0.0 0.00.0
Total 100.0 100.0 100.0 100.0 100.0 100.0