Past macroeconomic projections

Four times a year, ECB staff (March and September) and Eurosystem staff (June and December) prepare macroeconomic projections for the euro area. The projections provide a staff assessment of the outlook for macroeconomic developments and provide important input into the Governing Council’s monetary policy decisions.

This page presents all projections for inflation and economic growth since 2000, together with projection ranges which indicate the uncertainty surrounding the projections in each year. The publication of ranges has been suspended since the beginning of the coronavirus pandemic.

A full database of past projections is available for download from the ECB’s Statistical Data Warehouse. This database includes both annual and quarterly projections for euro area inflation and growth as well as annual projections for a range of other economic variables. Annual projections for growth, inflation and unemployment in individual euro area countries are available for the Eurosystem staff projections in June and December each year. The database also includes projections for the global economy (excluding the euro area) and the technical assumptions underlying the projections, such as oil prices, exchange rates and interest rates. For more details please see the dataset description.

2021

June 2021 (annual percentage changes)
	2019	2020	2021	2022	2023
HICP	1.2	0.3	1.9	1.5	1.4
Real GDP	1.3	-6.8	4.6	4.7	2.1
Note: Real GDP refers to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections. This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the elevated uncertainty surrounding the current projections. Instead, to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic, the associated containment measures and the degree of economic scarring are provided in Section 5 of the projections article.

September 2021 (annual percentage changes)
	2020	2021	2022	2023
HICP	0.3	2.2	1.7	1.5
Real GDP	-6.5	5.0	4.6	2.1
Note: Real GDP refers to seasonally and working day-adjusted data. Historical data may differ from the latest Eurostat publications due to data releases after the cut-off date for the projections. This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not capture the elevated uncertainty related to the COVID-19 pandemic. Instead, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic, the associated containment measures and the degree of economic scarring are provided in Box 4 of the projections article.

March 2021 (annual percentage changes)
	2020	2021	2022	2023
HICP	0.3	1.5	1.2	1.4
Real GDP	-6.9	4.0	4.1	2.1
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Section 5 of the projections article.

2020

December 2020 (annual percentage changes)
	2020	2021	2022	2023
HICP	0.2	1.0	1.1	1.4
Real GDP	-7.3	3.9	4.2	2.1
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Box 3 of the projections article.

June 2020 (annual percentage changes)
	2019	2020	2021	2022
HICP	1.2	0.3	0.8	1.3
Real GDP	1.2	-8.7	5.2	3.3
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Box 3 of the projections article.

September 2020 (annual percentage changes)
	2019	2020	2021	2022
HICP	1.2	0.3	1.0	1.3
Real GDP	1.3	-8.0	5.0	3.2
Note: This table does not show ranges around the projections. This reflects the fact that the standard computation of the ranges (based on historical projection errors) would not, in the present circumstances, provide a reliable indication of the unprecedented uncertainty surrounding the current projections. Instead, in order to better illustrate the current uncertainty, alternative scenarios based on different assumptions regarding the future evolution of the COVID-19 pandemic and the associated containment measures are provided in Box 3 of the projections article.

March 2020 (annual percentage changes)
	2019	2020	2021	2022
HICP	1.2	1.1 [0.8 - 1.4]	1.4 [0.7 - 2.1]	1.6 [0.8 - 2.4]
Real GDP	1.2	0.8 [0.4 - 1.2]	1.3 [0.4 - 2.2]	1.4 [0.5 - 2.3]

2019

December 2019 (annual percentage changes)
	2019	2020	2021	2022
HICP	1.2 [1.2 - 1.2]	1.1 [0.6 - 1.6]	1.4 [0.7 - 2.1]	1.6 [0.8 - 2.4]
Real GDP	1.2 [1.1 - 1.3]	1.1 [0.5 - 1.7]	1.4 [0.5 - 2.3]	1.4 [0.4 - 2.4]

June 2019 (annual percentage changes)
	2018	2019	2020	2021
HICP	1.8	1.3 [1.2 - 1.4]	1.4 [0.7 - 2.1]	1.6 [0.8 - 2.4]
Real GDP	1.8	1.2 [0.9 - 1.5]	1.4 [0.5 - 2.3]	1.4 [0.4 - 2.4]

September 2019 (annual percentage changes)
	2018	2019	2020	2021
HICP	1.8	1.2 [1.1 - 1.3]	1.0 [0.4 - 1.6]	1.5 [0.7 - 2.3]
Real GDP	1.9	1.1 [0.9 - 1.3]	1.2 [0.4 - 2.0]	1.4 [0.4 - 2.4]

March 2019 (annual percentage changes)
	2018	2019	2020	2021
HICP	1.7	1.2 [0.9 - 1.5]	1.5 [0.8 - 2.2]	1.6 [0.8 - 2.4]
Real GDP	1.9	1.1 [0.7 - 1.5]	1.6 [0.7 - 2.5]	1.5 [0.5 - 2.5]

2018

December 2018 (annual percentage changes)
	2018	2019	2020	2021
HICP	1.8 [1.8 - 1.8]	1.6 [1.1 - 2.1]	1.7 [0.9 - 2.5]	1.8 [0.9 - 2.7]
Real GDP	1.9 [1.8 - 2.0]	1.7 [1.1 - 2.3]	1.7 [0.8 - 2.6]	1.5 [0.5 - 2.5]

June 2018 (annual percentage changes)
	2017	2018	2019	2020
HICP	1.5	1.7 [1.6 - 1.8]	1.7 [1.0 - 2.4]	1.7 [0.9 - 2.5]
Real GDP	2.5	2.1 [1.8 - 2.4]	1.9 [0.9 - 2.9]	1.7 [0.6 - 2.8]

September 2018 (annual percentage changes)
	2017	2018	2019	2020
HICP	1.5	1.7 [1.6 - 1.8]	1.7 [1.1 - 2.3]	1.7 [0.9 - 2.5]
Real GDP	2.5	2.0 [1.8 - 2.2]	1.8 [1.0 - 2.6]	1.7 [0.6 - 2.8]

March 2018 (annual percentage changes)
	2017	2018	2019	2020
HICP	1.5	1.4 [1.1 - 1.7]	1.4 [0.6 - 2.2]	1.7 [0.8 - 2.6]
Real GDP	2.5	2.4 [2.1 - 2.7]	1.9 [0.9 - 2.9]	1.7 [0.7 - 2.7]

2017

December 2017 (annual percentage changes)
	2017	2018	2019	2020
HICP	1.5 [1.5 - 1.5]	1.4 [0.9 - 1.9]	1.5 [0.7 - 2.3]	1.7 [0.8 - 2.6]
Real GDP	2.4 [2.3 - 2.5]	2.3 [1.7 - 2.9]	1.9 [0.9 - 2.9]	1.7 [0.6 - 2.8]

June 2017 (annual percentage changes)
	2016	2017	2018	2019
HICP	0.2	1.5 [1.4 - 1.6]	1.3 [0.6 - 2.0]	1.6 [0.7 - 2.5]
Real GDP	1.7	1.9 [1.6 - 2.2]	1.8 [0.8 - 2.8]	1.7 [0.6 - 2.8]

September 2017 (annual percentage changes)
	2016	2017	2018	2019
HICP	0.2	1.5 [1.4 - 1.6]	1.2 [0.6 - 1.8]	1.5 [0.7 - 2.3]
Real GDP	1.8	2.2 [2.1 - 2.3]	1.8 [1.0 - 2.6]	1.7 [0.6 - 2.8]

March 2017 (annual percentage changes)
	2016	2017	2018	2019
HICP	0.2	1.7 [1.4 - 2.0]	1.6 [0.9 - 2.3]	1.7 [0.8 - 2.6]
Real GDP	1.7	1.8 [1.5 - 2.1]	1.7 [0.7 - 2.7]	1.6 [0.5 - 2.7]

2016

December 2016 (annual percentage changes)
	2016	2017	2018	2019
HICP	0.2 [0.2 - 0.2]	1.3 [0.8 - 1.8]	1.5 [0.7 - 2.3]	1.7 [0.9 - 2.5]
Real GDP	1.7 [1.6 - 1.8]	1.7 [1.1 - 2.3]	1.6 [0.6 - 2.6]	1.6 [0.4 - 2.8]

June 2016 (annual percentage changes)
	2015	2016	2017	2018
HICP	0.0	0.2 [0.1 - 0.3]	1.3 [0.6 - 2.0]	1.6 [0.7 - 2.5]
Real GDP	1.6	1.6 [1.3 - 1.9]	1.7 [0.7 - 2.7]	1.7 [0.5 - 2.9]

September 2016 (annual percentage changes)
	2015	2016	2017	2018
HICP	0.0	0.2 [0.1 - 0.3]	1.2 [0.6 - 1.8]	1.6 [0.8 - 2.4]
Real GDP	1.9	1.7 [1.5 - 1.9]	1.6 [0.7 - 2.5]	1.6 [0.4 - 2.8]

March 2016 (annual percentage changes)
	2015	2016	2017	2018
HICP	0.0	0.1 [-0.2 - 0.4]	1.3 [0.6 - 2.0]	1.6 [0.8 - 2.4]
Real GDP	1.5	1.4 [1.0 - 1.8]	1.7 [0.7 - 2.7]	1.8 [0.6 - 3.0]

2015

September 2015 (annual percentage changes)
	2014	2015	2016	2017
HICP	0.4	0.1 [0.0 - 0.2]	1.1 [0.5 - 1.7]	1.7 [0.9 - 2.5]
Real GDP	0.9	1.4 [1.3 - 1.5]	1.7 [0.8 - 2.6]	1.8 [0.6 - 3.0]

March 2015
	2014	2015	2016	2017
HICP	0.4	0.0 [-0.3 - 0.3]	1.5 [0.8 - 2.2]	1.8 [1.0 - 2.6]
Real GDP	0.9	1.5 [1.1 - 1.9]	1.9 [0.8 - 3.0]	2.1 [0.9 - 3.3]

December 2015 (annual percentage changes)
	2014	2015	2016	2017
HICP	0.4	0.1 [0.1 - 0.1]	1.0 [0.5 - 1.5]	1.6 [0.9 - 2.3]
Real GDP	0.9	1.5 [1.4 - 1.6]	1.7 [1.1 - 2.3]	1.9 [0.9 - 2.9]

June 2015
	2014	2015	2016	2017
HICP	0.4	0.3 [0.2 - 0.4]	1.5 [0.9 - 2.1]	1.8 [1.0 - 2.6]
Real GDP	0.9	1.5 [1.1 - 1.9]	1.9 [0.5 - 3.3]	2.0 [0.3 - 3.7]

2014

September 2014
	2013	2014	2015	2016
HICP	1.4	0.6 [0.5 - 0.7]	1.1 [0.5 - 1.7]	1.4 [0.7 - 2.1]
Real GDP	-0.4	0.9 [0.7 - 1.1]	1.6 [0.6 - 2.6]	1.9 [0.6 - 3.2]

March 2014
	2013	2014	2015	2016
HICP	1.4	1.0 [0.7 - 1.3]	1.3 [0.6 - 2.0]	1.5 [0.7 - 2.3]
Real GDP	-0.4	1.2 [0.8 - 1.6]	1.5 [0.4 - 2.6]	1.8 [0.7 - 2.9]

December 2014
	2013	2014	2015	2016
HICP	1.4	0.5 [0.5 - 0.5]	0.7 [0.2 - 1.2]	1.3 [0.6 - 2.0]
Real GDP	-0.4	0.8 [0.7 - 0.9]	1.0 [0.4 - 1.6]	1.5 [0.4 - 2.6]

June 2014
	2013	2014	2015	2016
HICP	1.4	0.7 [0.6 - 0.8]	1.1 [0.5 - 1.7]	1.4 [0.6 - 2.2]
Real GDP	-0.4	1.0 [0.6 - 1.4]	1.7 [0.6 - 2.8]	1.8 [0.5 - 3.1]

2013

September 2013
	2012	2013	2014
HICP	2.5	1.5 [1.4 , 1.6]	1.3 [0.7 , 1.9]
Real GDP	-0.6	-0.4 [-0.6 , -0.2]	1.0 [0.0 , 2.0]
Private consumption	-1.4	-0.7 [-0.9 , -0.5]	0.7 [-0.2 , 1.6]
Government consumption	-0.5	-0.1 [-0.6 , 0.4]	0.6 [0.0 , 1.2]
Gross fixed capital formation	-4.0	-3.6 [-4.4 , -2.8]	1.8 [-0.7 , 4.3]
Exports (goods and services)	2.7	0.9 [-0.4 , 2.2]	3.6 [0.1 , 7.1]
Imports (goods and services)	-0.9	-0.6 [-1.9 , 0.7]	3.8 [0.3 , 7.3]

March 2013
	2012	2013	2014
HICP	2.5	[1.2 , 2.0]	[0.6 , 2.0]
Real GDP	-0.5	[-0.9 , -0.1]	[0.0 , 2.0]
Private consumption	-1.2	[-1.3 , -0.3]	[-0.3 , 1.5]
Government consumption	0.0	[-0.9 , -0.1]	[-0.4 , 1.2]
Gross fixed capital formation	-4.0	[-3.8 , -1.0]	[-0.9 , 3.5]
Exports (goods and services)	2.9	[-1.3 , 3.5]	[0.8 , 7.8]
Imports (goods and services)	-0.7	[-2.1 , 2.3]	[1.0 , 7.2]

December 2013
	2012	2013	2014	2015
HICP	2.5	1.4 [1.4 - 1.4]	1.1 [0.6 - 1.6]	1.3 [0.5 - 2.1]
Real GDP	-0.6	-0.4 [-0.5 - -0.3]	1.1 [0.4 - 1.8]	1.5 [0.4 - 2.6]

June 2013
	2012	2013	2014
HICP	2.5	1.4 [1.3 , 1.5]	1.3 [0.7 , 1.9]
Real GDP	-0.5	-0.6 [-1.0 , -0.2]	1.1 [0.0 , 2.2]
Private consumption	-1.3	-0.8 [-1.1 , -0.5]	0.6 [-0.5 , 1.7]
Government consumption	-0.4	-0.1 [-0.6 , 0.4]	0.6 [-0.1 , 1.3]
Gross fixed capital formation	-4.2	-2.9 [-4.1 , -1.7]	1.8 [-0.9 , 4.5]
Exports (goods and services)	2.9	0.8 [-1.0 , 2.6]	4.1 [0.3 , 7.9]
Imports (goods and services)	-0.7	-0.7 [-2.5 , 1.1]	3.8 [0.1 , 7.5]

2012

September 2012
	2011	2012	2013
HICP	2.7	[2.4 , 2.6]	[1.3 , 2.5]
Real GDP	1.5	[-0.6 , -0.2]	[-0.4 , 1.4]
Private consumption	0.2	[-1.1 , -0.7]	[-0.8 , 0.8]
Government consumption	-0.3	[-0.8 , 0.2]	[-0.8 , 0.4]
Gross fixed capital formation	1.5	[-4.1 , -2.5]	[-1.7 , 2.7]
Exports (goods and services)	6.4	[1.8 , 4.4]	[1.1 , 8.1]
Imports (goods and services)	4.2	[-1.3 , 1.3]	[0.3 , 7.1]

March 2012
	2011	2012	2013
HICP	2.7	[2.1 , 2.7]	[0.9 , 2.3]
Real GDP	1.5	[-0.5 , 0.3]	[0.0 , 2.2]
Private consumption	0.2	[-0.7 , 0.1]	[0.0 , 1.6]
Government consumption	0.2	[-0.6 , 0.2]	[-0.1 , 1.3]
Gross fixed capital formation	1.6	[-2.6 , 0.2]	[-0.9 , 3.7]
Exports (goods and services)	6.4	[0.1 , 5.1]	[0.7 , 8.1]
Imports (goods and services)	4.1	[-1.1 , 3.5]	[0.7 , 7.3]

December 2012
	2011	2012	2013	2014
HICP	2.7	[2.5 , 2.5]	[1.1 , 2.1]	[0.6 , 2.2]
Real GDP	1.5	[-0.6 , -0.4]	[-0.9 , 0.3]	[0.2 , 2.2]
Private consumption	0.1	[-1.2 , -1.0]	[-1.1 , -0.1]	[-0.4 , 1.4]
Government consumption	-0.2	[-0.6 , 0.2]	[-1.2 , 0.0]	[-0.4 , 1.2]
Gross fixed capital formation	1.6	[-4.2 , -3.4]	[-4.2 , -1.0]	[-1.0 , 3.6]
Exports (goods and services)	6.5	[2.1 , 3.7]	[-0.4 , 5.0]	[2.0 , 8.6]
Imports (goods and services)	4.3	[-1.1 , 0.3]	[-1.7 , 3.7]	[1.7 , 7.7]

June 2012
	2011	2012	2013
HICP	2.7	[2.3 , 2.5]	[1.0 , 2.2 ]
Real GDP	1.5	[-0.5 , 0.3]	[0.0 , 2.0]
Private consumption	0.2	[-0.7 , -0.1]	[-0.4 , 1.4]
Government consumption	-0.3	[-0.7 , 0.3]	[-0.7 , 0.7]
Gross fixed capital formation	1.6	[-3.2 , -1.0]	[-0.8 , 3.8]
Exports (goods and services)	6.3	[1.2 , 5.0]	[1.1 , 8.9]
Imports (goods and services)	4.1	[-0.7 , 2.9]	[0.9 , 7.9]

2011

September 2011
	2010	2011	2012
HICP	1.6	[2.5 , 2.7]	[1.2 , 2.2]
Real GDP	1.7	[1.4 , 1.8]	[0.4 , 2.2]
Private consumption	0.8	[0.3 , 0.7]	[0.0 , 1.6]
Government consumption	0.5	[-0.2 , 0.8]	[-0.7 , 0.5]
Gross fixed capital formation	-0.8	[2.2 , 3.6]	[0.8 , 5.4]
Exports (goods and services)	11.0	[5.6 , 8.4]	[2.3 , 9.7]
Imports (goods and services)	9.3	[4.7 , 7.3]	[2.0 , 9.2]

March 2011
	2010	2011	2012
HICP	1.6	[2.0 , 2.6]	[1.0 , 2.4]
Real GDP	1.7	[1.3 , 2.1]	[0.8 , 2.8]
Private consumption	0.7	[0.6 , 1.4]	[0.4 , 2.2]
Government consumption	0.8	[-0.3 , 0.5]	[-0.5 , 0.9]
Gross fixed capital formation	-0.8	[0.4 , 3.4]	[0.7 , 5.5]
Exports (goods and services)	10.9	[4.9 , 9.5]	[3.0 , 9.2]
Imports (goods and services)	9.0	[3.5 , 7.7]	[2.8 , 8.4]

December 2011
	2010	2011	2012	2013
HICP	1.6	[2.6 , 2.8]	[1.5 , 2.5]	[0.8 , 2.2]
Real GDP	1.8	[1.5 , 1.7]	[-0.4 , 1.0]	[0.3 , 2.3]
Private consumption	0.8	[0.3 , 0.5]	[-0.4 , 0.6]	[0.0 , 1.8]
Government consumption	0.5	[-0.3 , 0.5]	[-0.5 , 0.7]	[-0.3 , 1.3]
Gross fixed capital formation	-0.6	[1.6 , 2.4]	[-1.6 , 1.8]	[-0.5 , 4.3]
Exports (goods and services)	10.8	[5.4 , 7.2]	[0.3 , 6.1]	[2.1 , 8.9]
Imports (goods and services)	9.2	[4.0 , 5.4]	[-0.5 , 5.1]	[1.7 , 8.1]

June 2011
	2010	2011	2012
HICP	1.6	[2.5 , 2.7]	[1.1 , 2.3]
Real GDP	1.7	[1.5 , 2.3]	[0.6 , 2.8]
Private consumption	0.8	[0.6 , 1.2]	[0.4 , 2.2]
Government consumption	0.6	[-0.4 , 0.6]	[-0.5 , 0.9]
Gross fixed capital formation	-0.9	[2.0 , 4.2]	[1.1 , 5.9]
Exports (goods and services)	11.1	[5.8 , 9.6]	[2.6 , 10.6]
Imports (goods and services)	9.3	[4.3 , 7.9]	[2.6 , 10.0]

2010

September 2010
	2009	2010	2011
HICP	0.3	[1.5 , 1.7]	[1.2 , 2.2]
Real GDP	-4.0	[1.4 , 1.8]	[0.5 , 2.3]
Private consumption	-1.1	[0.0 , 0.4]	[-0.1 , 1.5]
Government consumption	2.6	[0.3 , 1.3]	[-0.1 , 1.1]
Gross fixed capital formation	-11.0	[-2.3 , -0.7]	[-1.6 , 3.0]
Exports (goods and services)	-13.2	[7.4 , 10.0]	[2.9 , 9.3]
Imports (goods and services)	-11.8	[5.8 , 8.2]	[1.6 , 7.8]

March 2010
	2009	2010	2011
HICP	[0.3]	[0.8 , 1.6]	[0.9 , 2.1]
Real GDP	[-4.0]	[0.4 , 1.2]	[0.5 , 2.5]
Private consumption	[-1.0]	[-0.3 , 0.5]	[0.2 , 2.0]
Government consumption	[2.5]	[0.1 , 1.1]	[0.2 , 1.6]
Gross fixed capital formation	[-10.8]	[-3.1 , -0.5]	[-1.1 , 2.9]
Exports (goods and services)	[-13.0]	[3.2 , 7.6]	[1.4 , 7.8]
Imports (goods and services)	[-11.6]	[1.9 , 5.7]	[0.7 , 6.5]

December 2010
	2009	2010	2011	2012
HICP	[0.3]	[1.5 , 1.7]	[1.3 , 2.3]	[0.7 , 2.3]
Real GDP	[-4.1]	[1.6 , 1.8]	[0.7 , 2.1]	[0.6 , 2.8]
Private consumption	[-1.1]	[0.6 , 0.8]	[0.4 , 1.4]	[0.5 , 2.3]
Government consumption	[2.4]	[0.5 , 1.3]	[-0.8 , 0.6]	[-0.4 , 1.0]
Gross fixed capital formation	[-11.3]	[-1.4 , -0.6]	[-0.5 , 3.1]	[0.1 , 5.3]
Exports (goods and services)	[-13.1]	[9.9 , 11.7]	[3.7 , 8.7]	[2.5 , 8.7]
Imports (goods and services)	[-11.8]	[8.2 , 9.8]	[2.6 , 7.6]	[2.3 , 8.1]

June 2010
	2009	2010	2011
HICP	[0.3]	[1.4 , 1.6]	[1.0 , 2.2]
Real GDP	[-4.1]	[0.7 , 1.3]	[0.2 , 2.2]
Private consumption	[-1.2]	[-0.2 , 0.4]	[-0.2 , 1.6]
Government consumption	[2.6]	[0.3 , 1.3]	[-0.3 , 1.1]
Gross fixed capital formation	[-10.8]	[-3.4 , -1.2]	[-2.1 , 2.7]
Exports (goods and services)	[-13.2]	[5.5 , 9.1]	[1.1 , 7.9]
Imports (goods and services)	[-12.0]	[3.8 , 7.0]	[0.4 , 6.8]

2009

September 2009
	2008	2009	2010
HICP	[3.3]	[0.2 , 0.6]	[0.8 , 1.6]
Real GDP	[0.6]	[-4.4 , -3.8]	[-0.5 , 0.9]
Private consumption	[0.3]	[-1.3 , -0.5]	[-0.8 , 0.6]
Government consumption	[1.9]	[1.4 , 2.0]	[1.0 , 1.8]
Gross fixed capital formation	[-0.2]	[-12.1 , -9.9]	[-5.2 , -1.2]
Exports (goods and services)	[0.9]	[-16.2 , -13.6]	[-0.6 , 2.4]
Imports (goods and services)	[1.0]	[-13.6 , -11.0]	[-2.3 , 2.1]

March 2009
	2008	2009	2010
HICP	[3.3]	[0.1 , 0.7]	[0.6 , 1.4]
Real GDP	[0.8]	[-3.2 , -2.2]	[-0.7 , 0.7]
Private consumption	[0.5]	[-1.2 , -0.2]	[-0.4 , 1.0]
Government consumption	[2.1]	[1.3 , 2.1]	[1.1 , 1.9]
Gross fixed capital formation	[0.3]	[-8.6- -5.8]	[-4.3 , -0.3]
Exports (goods and services)	[1.8]	[-9.7 , -6.9]	[-0.9 , 1.9]
Imports (goods and services)	[1.8]	[-8.0 , -5.0]	[-1.6 , 2.6]

December 2009
	2008	2009	2010	2011
HICP	[3.3]	[0.3 , 0.3]	[0.9 , 1.7]	[0.8 , 2.0]
Real GDP	[0.5]	[-4.1 , -3.9]	[0.1 , 1.5]	[0.2 , 2.2]
Private consumption	[0.4]	[-1.2 , -1.0]	[-0.2 , 0.8]	[0.2 , 1.8]
Government consumption	[2.0]	[2.2 , 3.0]	[0.5 , 1.7]	[0.4 , 1.8
Gross fixed capital formation	[-0.6]	[-11.3- -10.5]	[-3.1 , -0.1]	[-1.7 , 2.3]
Exports (goods and services)	[0.8]	[-14.5 , -12.5]	[0.6 , 5.6]	[0.7 , 6.5]
Imports (goods and services)	[0.9]	[-12.6 , -11.0]	[0.4 , 4.6]	[0.8 , 5.4]

June 2009
	2008	2009	2010
HICP	[3.3]	[0.1 , 0.5]	[0.6 , 1.4]
Real GDP	[0.6]	[-5.1 , -4.1]	[-1.0 , 0.4]
Private consumption	[0.3]	[-1.3 , -0.5]	[-1.1 , 0.3]
Government consumption	[2.0]	[1.4 , 2.0]	[0.9 , 1.7]
Gross fixed capital formation	[-0.3]	[-12.3- -10.1]	[-6.1 , -2.1]
Exports (goods and services)	[0.8]	[-16.6 , -14.0]	[-2.0 , 1.0]
Imports (goods and services)	[0.9]	[-13.8 , -11.2]	[-3.0 , 1.4]

2008

September 2008
	2007	2008	2009
HICP	[2.1]	[3.4 , 3.6]	[2.3 , 2.9]
Real GDP	[2.6]	[1.1 , 1.7]	[0.6 , 1.8]
Private consumption	[1.6]	[0.5 , 0.9]	[0.6 , 1.6]
Government consumption	[2.3]	[1.5 , 1.9]	[1.3 , 1.9]
Gross fixed capital formation	[4.4]	[0.9 , 2.3]	[-0.7 , 2.1]
Exports (goods and services)	[6.1]	[2.9 , 4.5]	[2.4 , 4.6]
Imports (goods and services)	[5.4]	[2.4 , 3.8]	[2.0 , 5.0]

March 2008
	2007	2008	2009
HICP	[2.1]	[2.6 , 3.2]	[1.5 , 2.7]
Real GDP	[2.6]	[1.3 , 2.1]	[1.3 , 2.3]
Private consumption	[1.6]	[1.1 , 1.7]	[1.0 , 2.4]
Government consumption	[1.9]	[1.1 , 2.1]	[1.0 , 2.0]
Gross fixed capital formation	[4.6]	[0.5 , 3.1]	[0.2 , 3.4]
Exports (goods and services)	[5.7]	[2.6 , 5.6]	[3.1 , 6.3]
Imports (goods and services)	[4.9]	[2.0 , 5.4]	[2.9 , 6.3]

December 2008
	2007	2008	2009	2010
HICP	[2.1]	[3.2 , 3.4]	[1.1 , 1.7 ]	[1.5 , 2.1 ]
Real GDP	[2.6]	[0.8 , 1.2 ]	[-1.0 , 0.0]	[0.5 , 1.5 ]
Private consumption	[1.6]	[0.1 , 0.5]	[-0.3 , 0.7 ]	[0.6 , 1.8 ]
Government consumption	[2.3]	[1.9 , 2.3]	[1.3 , 1.9 ]	[1.3 , 1.9 ]
Gross fixed capital formation	[4.2]	[0.2 , 1.2 ]	[-6.0 , -3.0 ]	[-2.4 , 1.0 ]
Exports (goods and services)	[5.9]	[2.4 , 3.4 ]	[-1.4 , 1.0 ]	[2.3 , 4.9 ]
Imports (goods and services)	[5.4]	[2.0 , 3.0 ]	[-1.9 , 1.1 ]	[1.4 , 5.2 ]

June 2008
	2007	2008	2009
HICP	[2.1]	[3.2 , 3.6]	[1.8 , 3.0]
Real GDP	[2.7]	[1.5 , 2.1]	[1.0 , 2.0]
Private consumption	[1.6]	[1.1 , 1.5]	[0.9 , 2.1]
Government consumption	[2.1]	[1.3 , 2.3]	[1.2 , 2.2]
Gross fixed capital formation	[4.7]	[1.3 , 3.5]	[-0.4 , 2.8]
Exports (goods and services)	[5.7]	[3.5 , 6.3]	[2.4 , 5.6]
Imports (goods and services)	[5.2]	[2.9 , 6.3]	[2.2 , 5.6]

2007

September 2007
	2006	2007	2008
HICP	[2.2]	[1.9 , 2.1]	[1.5 , 2.5]
Real GDP	[2.9]	[2.2 , 2.8]	[1.8 , 2.8]
Private consumption	[1.9]	[1.4 , 1.8]	[1.5 , 2.7]
Government consumption	[1.9]	[1.3 , 2.3]	[1.2 , 2.2]
Gross fixed capital formation	[5.2]	[3.6 , 5.2]	[1.4 , 4.6]
Exports (goods and services)	[8.2]	[4.6 , 7.4]	[3.9 , 7.1]
Imports (goods and services)	[7.9]	[3.7 , 6.7]	[3.6 , 7.0]

March 2007
	2006	2007	2008
HICP	[2.2]	[1.5 , 2.1]	[1.4 , 2.6]
Real GDP	[2.8]	[2.1 , 2.9]	[1.9 , 2.9]
Private consumption	[2.0]	[1.8 , 2.4]	[1.6 , 3.0]
Government consumption	[2.3]	[0.8 , 1.8]	[1.0 , 2.0]
Gross fixed capital formation	[4.9]	[2.4 , 5.0]	[1.9 , 5.1]
Exports (goods and services)	[8.3]	[4.7 , 7.7]	[4.1 , 7.3]
Imports (goods and services)	[7.9]	[3.7 , 7.1]	[4.2 , 7.6]

December 2007
	2006	2007	2008	2009
HICP	[2.2]	[2.0 , 2.2]	[2.0 , 3.0]	[1.2 , 2.4]
Real GDP	[2.9]	[2.4 , 2.8]	[1.5 , 2.5]	[1.6 , 2.6]
Private consumption	[1.9]	[1.4 , 1.8]	[1.4 , 2.4]	[1.2 , 2.8]
Government consumption	[1.9]	[1.4 , 2.6]	[1.1 , 2.1]	[1.0 , 2.0]
Gross fixed capital formation	[5.2]	[4.0 , 5.0]	[0.9 , 3.9]	[0.7 , 3.9]
Exports (goods and services)	[8.0]	[4.6 , 7.4]	[3.5 , 6.7]	[3.9 , 7.1]
Imports (goods and services)	[7.6]	[4.0 , 6.6]	[3.3 , 6.7]	[3.6 , 7.0]

June 2007
	2006	2007	2008
HICP	[2.2]	[1.8 , 2.2]	[1.4 , 2.6]
Real GDP	[2.9]	[2.3 , 2.9]	[1.8 , 2.8]
Private consumption	[1.8]	[1.7 , 2.1]	[1.6 , 2.8]
Government consumption	[2.0]	[1.0 , 2.0]	[1.0 , 2.0]
Gross fixed capital formation	[5.1]	[3.8 , 6.0]	[1.9 , 5.1]
Exports (goods and services)	[8.5]	[4.8 , 7.6]	[4.0 , 7.2]
Imports (goods and services)	[8.0]	[4.6 , 8.0]	[3.9 , 7.3]

2006

September 2006
	2005	2006	2007
HICP	[2.2]	[2.3 , 2.5]	[1.9 , 2.9]
Real GDP	[1.5]	[2.2 , 2.8]	[1.6 , 2.6]
Private consumption	[1.5]	[1.8 , 2.2]	[0.9 , 2.1]
Government consumption	[1.3]	[1.0 , 2.0]	[0.7 , 1.7]
Gross fixed capital formation	[2.7]	[3.0 , 4.6]	[2.1 , 5.3]
Exports (goods and services)	[4.2]	[6.0 , 8.8]	[3.4 , 6.6]
Imports (goods and services)	[5.2]	[5.7 , 8.7]	[3.1 , 6.5]

March 2006
	2005	2006	2007
HICP	[2.2]	[1.9 , 2.5]	[1.6 , 2.8]
Real GDP	[1.4]	[1.7 , 2.5]	[1.5 , 2.5]
Private consumption	[1.4]	[1.1 , 1.7]	[0.6 , 2.0]
Government consumption	[1.2]	[1.4 , 2.4]	[0.8 , 1.8]
Gross fixed capital formation	[2.2]	[2.4 , 5.0]	[1.8 , 5.0]
Exports (goods and services)	[3.8]	[4.2 , 7.2]	[3.8 , 7.0]
Imports (goods and services)	[4.6]	[4.2 , 7.6]	[3.4 , 6.8]

December 2006
	2005	2006	2007	2008
HICP	[2.2]	[2.1 , 2.3]	[1.5 , 2.5]	[1.3 , 2.5]
Real GDP	[1.5]	[2.5 , 2.9]	[1.7 , 2.7]	[1.8 , 2.8]
Private consumption	[1.4]	[1.8 , 2.2]	[1.3 , 2.3]	[1.2 , 2.8]
Government consumption	[1.3]	[1.4 , 2.6]	[0.5 , 1.5]	[0.8 , 1.8]
Gross fixed capital formation	[2.7]	[4.4 , 5.4]	[2.5 , 5.5]	[1.8 , 5.0]
Exports (goods and services)	[4.6]	[6.6 , 9.4]	[4.2 , 7.4]	[4.2 , 7.4]
Imports (goods and services)	[5.5]	[6.7 , 9.3]	[3.9 , 7.3]	[4.0 , 7.4]

June 2006
	2005	2006	2007
HICP	[2.2]	[2.1 , 2.5]	[1.6 , 2.8]
Real GDP	[1.4]	[1.8 , 2.4]	[1.3 , 2.3]
Private consumption	[1.4]	[1.4 , 1.8]	[0.5 , 1.7]
Government consumption	[1.4]	[1.3 , 2.3]	[0.7 , 1.7]
Gross fixed capital formation	[2.5]	[2.3 , 4.5]	[1.6 , 4.8]
Exports (goods and services)	[4.1]	[5.2 , 8.0]	[3.3 , 6.5]
Imports (goods and services)	[5.0]	[5.3 , 8.7]	[2.8 , 6.2]

2005

September 2005
	2004	2005	2006
HICP	[2.1]	[2.1 , 2.3]	[1.4 , 2.4]
Real GDP	[1.8]	[1.0 , 1.6]	[1.3 , 2.3]
Private consumption	[1.3]	[1.1 , 1.5]	[0.7 , 1.9]
Government consumption	[1.4]	[0.6 , 1.6]	[1.1 , 2.1]
Gross fixed capital formation	[1.4]	[0.4 , 2.0]	[1.3 , 4.5]
Exports (goods and services)	[5.9]	[2.4 , 5.2]	[4.6 , 7.8]
Imports (goods and services)	[6.1]	[2.2 , 5.2]	[4.3 , 7.7]

March 2005
	2004	2005	2006
HICP	[2.1]	[1.6 , 2.2]	[1.0 , 2.2]
Real GDP	[1.8]	[1.2 , 2.0]	[1.6 , 2.6]
Private consumption	[1.1]	[1.2 , 1.8]	[1.2 , 2.6]
Government consumption	[1.5]	[0.7 , 1.7]	[0.6 , 1.6]
Gross fixed capital formation	[1.7]	[1.6 , 4.2]	[2.1 , 5.3]
Exports (goods and services)	[6.1]	[4.0 , 7.0]	[4.9 , 8.1]
Imports (goods and services)	[6.5]	[4.7 , 8.1]	[4.9 , 8.3]

December 2005
	2004	2005	2006	2007
HICP	[2.1]	[2.1 , 2.3]	[1.6 , 2.6]	[1.4 , 2.6]
Real GDP	[1.8]	[1.2 , 1.6]	[1.4 , 2.4]	[1.4 , 2.4]
Private consumption	[1.4]	[1.1 , 1.5]	[0.9 , 1.9]	[0.6 , 2.2]
Government consumption	[1.1]	[0.4 , 1.6]	[1.1 , 2.1]	[0.5 , 1.5]
Gross fixed capital formation	[1.6]	[1.4 , 2.4]	[1.6 , 4.6]	[1.5 , 4.7]
Exports (goods and services)	[6.1]	[2.6 , 5.4]	[4.3 , 7.5]	[4.1 , 7.3]
Imports (goods and services)	[6.3]	[3.4 , 6.0]	[4.2 , 7.6]	[3.5 , 6.9]

June 2005
	2004	2005	2006
HICP	[2.1]	[1.8 , 2.2]	[0.9 , 2.1]
Real GDP	[1.8]	[1.1 , 1.7]	[1.5 , 2.5]
Private consumption	[1.1]	[1.2 , 1.6]	[1.0 , 2.2]
Government consumption	[1.3]	[0.4 , 1.4]	[1.1 , 2.1]
Gross fixed capital formation	[1.7]	[0.5 , 2.7]	[1.9 , 5.1]
Exports (goods and services)	[6.1]	[3.1 , 5.9]	[4.5 , 7.7]
Imports (goods and services)	[6.1]	[2.6 , 6.0]	[4.4 , 7.8]

2004

September 2004
	2003	2004	2005
HICP	[2.1]	[2.1 , 2.3]	[1.3 , 2.3]
Real GDP	[0.5]	[1.6 , 2.2]	[1.8 , 2.8]
Private consumption	[1.0]	[1.2 , 1.6]	[1.5 , 2.7]
Government consumption	[1.9]	[0.7 , 1.7]	[0.5 , 1.5]
Gross fixed capital formation	[-0.4]	[0.8 , 2.4]	[2.0 , 5.2]
Exports (goods and services)	[0.3]	[4.8 , 7.6]	[5.6 , 8.8]
Imports (goods and services)	[2.1]	[3.7 , 6.7]	[5.3 , 8.7]

March 2004
	2003	2004	2005
HICP	[2.1]	[1.4 , 2.0]	[0.9 , 2.1]
Real GDP	[0.4]	[1.1 , 1.9]	[1.9 , 2.9]
Private consumption	[1.1]	[1.0 , 1.6]	[1.6 , 3.0]
Government consumption	[1.7]	[0.7 , 1.7]	[0.4 , 1.4]
Gross fixed capital formation	[-1.4]	[0.7 , 3.3]	[2.3 , 5.5]
Exports (goods and services)	[0.2]	[2.9 , 5.9]	[4.8 , 8.0]
Imports (goods and services)	[1.6]	[3.1 , 6.5]	[5.2 , 8.6]

December 2004
	2003	2004	2005	2006
HICP	[2.1]	[2.1 , 2.3]	[1.5 , 2.5]	[1.0 , 2.2]
Real GDP	[0.5]	[1.6 , 2.0]	[1.4 , 2.4]	[1.7 , 2.7]
Private consumption	[1.1]	[0.9 , 1.3]	[1.1 , 2.1]	[1.2 , 2.8]
Government consumption	[1.6]	[0.9 , 2.1]	[0.3 , 1.3]	[0.7 , 1.7]
Gross fixed capital formation	[-0.6]	[1.2 , 2.2]	[1.7 , 4.7]	[2.1 , 5.3]
Exports (goods and services)	[0.2]	[4.5 , 7.3]	[4.6 , 7.8]	[4.8 , 8.0]
Imports (goods and services)	[2.0]	[5.0 , 7.6]	[4.8 , 8.2]	[4.8 , 8.2]

June 2004
	2003	2004	2005
HICP	[2.1]	[1.9 , 2.3]	[1.1 , 2.3]
Real GDP	[0.5]	[1.4 , 2.0]	[1.7 , 2.7]
Private consumption	[1.0]	[1.0 , 1.4]	[1.4 , 2.6]
Government consumption	[2.0]	[0.9 , 1.9]	[0.4 , 1.4]
Gross fixed capital formation	[-0.8]	[0.7 , 2.9]	[1.9 , 5.1]
Exports (goods and services)	[-0.2]	[3.2 , 6.0]	[5.0 , 8.2]
Imports (goods and services)	[1.7]	[2.8 , 6.2]	[5.0 , 8.4]

2003

September 2003
	2002	2003	2004
HICP	[2.3]	[2.0 , 2.2]	[1.0 , 2.0]
Real GDP	[0.9]	[0.1 , 0.7]	[1.0 , 2.0]
Private consumption	[0.6]	[0.9 , 1.3]	[1.0 , 2.2]
Government consumption	[2.8]	[1.1 , 2.1]	[0.4 , 1.4]
Gross fixed capital formation	[-2.7]	[-1.5 , 0.1]	[0.8 , 4.0]
Exports (goods and services)	[1.5]	[-1.8 , 1.0]	[2.6 , 5.8]
Imports (goods and services)	[-0.2]	[0.5 , 3.5]	[3.3 , 6.7]

March 2003
	2002	2003	2004
HICP	[2.2]	[1.7 , 2.3]	[0.9 , 2.1]
Real GDP	[0.8]	[0.6 , 1.4]	[1.5 , 2.5]
Private consumption	[0.7]	[0.9 , 1.5]	[1.2 , 2.6]
Government consumption	[2.3]	[0.8 , 1.8]	[0.8 , 1.8]
Gross fixed capital formation	[-2.6]	[-0.9 , 1.7]	[0.7 , 3.9]
Exports (goods and services)	[1.4]	[2.4 , 5.4]	[3.4 , 6.6]
Imports (goods and services)	[-0.1]	[2.9 , 6.3]	[4.1 , 7.5]

December 2003
	2002	2003	2004	2005
HICP	[2.3]	[2.0 , 2.2]	[1.3 , 2.3]	[1.0 , 2.2]
Real GDP	[0.9]	[0.2 , 0.6]	[1.1 , 2.1]	[1.9 , 2.9]
Private consumption	[0.5]	[1.0 , 1.4]	[1.1 , 2.1]	[1.4 , 3.0]
Government consumption	[2.8]	[0.9 , 2.1]	[0.6 , 1.6]	[0.3 , 1.3]
Gross fixed capital formation	[-2.8]	[-1.7 , -0.7]	[0.2 , 3.2]	[2.3 , 5.5]
Exports (goods and services)	[1.7]	[-1.6 , 1.2]	[2.8 , 6.0]	[5.0 , 8.2]
Imports (goods and services)	[0.0]	[0.1 , 2.7]	[2.9 , 6.3]	[5.1 , 8.5]

June 2003
	2002	2003	2004
HICP	[2.3]	[1.8 , 2.2]	[0.7 , 1.9]
Real GDP	[0.9]	[0.4 , 1.0]	[1.1 , 2.1]
Private consumption	[0.6]	[1.2 , 1.6]	[1.1 , 2.4]
Government consumption	[2.8]	[0.7 , 1.6]	[0.5 , 1.5]
Gross fixed capital formation	[-2.7]	[-1.3 , 0.9]	[0.5 , 3.7]
Exports (goods and services)	[1.2]	[0.5 , 3.4]	[3.0 , 6.2]
Imports (goods and services)	[-0.5]	[1.6 , 5.0]	[3.5 , 6.9]

2002

September 2002
	2001	2002	2003
HICP	[2.5]	[2.1 , 2.3]	[1.3 , 2.3]
Real GDP	[1.5]	[0.5 , 1.1]	[1.6 , 2.6]
Private consumption	[1.9]	[0.5 , 0.9]	[1.3 , 2.5]
Government consumption	[1.9]	[1.2 , 2.2]	[1.0 , 2.0]
Gross fixed capital formation	[-0.5]	[-2.6 , -1.0]	[0.4 , 3.6]
Exports (goods and services)	[2.8]	[-1.0 , 1.8]	[3.5 , 6.7]
Imports (goods and services)	[1.2]	[-2.4 , 0.6]	[4.0 , 7.4]

March 2002
	2001	2002	2003
HICP	[2.7]	[1.5 , 2.1]	[1.0 , 2.2]
Real GDP	[1.5]	[0.6 , 1.4]	[2.0 , 3.0]
Private consumption	[1.9]	[1.2 , 1.8]	[1.7 , 3.1]
Government consumption	[1.9]	[1.0 , 2.0]	[0.7 , 1.7]
Gross fixed capital formation	[-0.2]	[-0.9 , 1.7]	[2.0 , 5.2]
Exports (goods and services)	[3.2]	[-0.8 , 2.2]	[4.0 , 7.2]
Imports (goods and services)	[1.8]	[-0.4 , 3.0]	[4.0 , 7.4]

December 2002
	2001	2002	2003	2004
HICP	[2.5]	[2.1 , 2.3]	[1.3 , 2.3]	[1.0 , 2.2]
Real GDP	[1.5]	[0.6 , 1.0]	[1.1 , 2.1]	[1.9 , 2.9]
Private consumption	[1.9]	[0.4 , 0.8]	[1.1 , 2.1]	[1.5 , 3.1]
Government consumption	[1.9]	[1.3 , 2.5]	[0.7 , 1.7]	[0.8 , 1.8]
Gross fixed capital formation	[-0.4]	[-2.9 , -1.9]	[-0.6 , 2.4]	[1.4 , 4.6]
Exports (goods and services)	[3.0]	[-0.9 , 1.9]	[2.4 , 5.6]	[3.9 , 7.1]
Imports (goods and services)	[1.5]	[-2.4 , 0.2]	[2.6 , 6.0]	[4.1 , 7.5]

June 2002
	2001	2002	2003
HICP	[2.5]	[2.1 , 2.5]	[1.3 , 2.5]
Real GDP	[1.5]	[0.9 , 1.5]	[2.1 , 3.1]
Private consumption	[1.8]	[1.0 , 1.4]	[1.7 , 3.0]
Government consumption	[2.2]	[1.0 , 1.9]	[1.0 , 2.0]
Gross fixed capital formation	[-0.3]	[-1.2 , 1.0]	[1.0 , 4.2]
Exports (goods and services)	[2.7]	[0.0 , 2.9]	[4.5 , 7.7]
Imports (goods and services)	[0.9]	[-1.1 , 2.3]	[4.4 , 7.8]

2001

September 2001
	2000	2001	2002
HICP	[2.4]	[2.6 , 2.8]	[1.3 , 2.3]
Real GDP	[3.4]	[1.3 , 1.9]	[1.5 , 2.5]
Private consumption	[2.6]	[1.4 , 1.8]	[1.5 , 2.7]
Government consumption	[1.9]	[1.2 , 2.2]	[1.0 , 2.0]
Gross fixed capital formation	[4.6]	[0.5 , 2.1]	[1.7 , 4.9]
Exports (goods and services)	[12.0]	[3.0 , 5.8]	[2.3 , 5.5]
Imports (goods and services)	[10.9]	[2.4 , 5.4]	[3.0 , 6.4]

March 2001
	2000	2001	2002
HICP	[2.4]	[1.7 , 2.3]	[1.1 , 2.3]
Real GDP	[3.4]	[2.5 , 3.3]	[2.3 , 3.3]
Private consumption	[2.6]	[2.6 , 3.2]	[2.0 , 3.4]
Government consumption	[1.6]	[0.9 , 1.9]	[0.9 , 1.9]
Gross fixed capital formation	[4.7]	[2.9 , 5.5]	[2.7 , 5.9]
Exports (goods and services)	[11.8]	[6.5 , 9.5]	[4.9 , 8.1]
Imports (goods and services)	[10.8]	[6.7 , 10.1]	[5.1 , 8.5]

December 2001
	2000	2001	2002	2003
HICP	[2.4]	[2.6 , 2.8]	[1.1 , 2.1]	[0.9 , 2.1]
Real GDP	[3.4]	[1.3 , 1.7]	[0.7 , 1.7]	[2.0 , 3.0]
Private consumption	[2.6]	[1.7 , 2.1]	[1.2 , 2.2]	[1.5 , 3.1]
Government consumption	[1.8]	[1.1 , 2.3]	[0.8 , 1.8]	[0.8 , 1.8]
Gross fixed capital formation	[4.5]	[-0.6 , 0.4]	[-1.0 , 2.0]	[1.2 , 4.4]
Exports (goods and services)	[12.4]	[2.4 , 5.2]	[0.3 , 3.5]	[4.0 , 7.2]
Imports (goods and services)	[10.9]	[1.1 , 3.7]	[0.6 , 4.0]	[3.7 , 7.1]

June 2001
	2000	2001	2002
HICP	[2.4]	[2.3 , 2.7]	[1.2 , 2.4]
Real GDP	[3.4]	[2.2 , 2.8]	[2.1 , 3.1]
Private consumption	[2.7]	[2.2 , 2.6]	[2.0 , 3.3]
Government consumption	[2.0]	[1.2 , 2.1]	[0.9 , 1.9]
Gross fixed capital formation	[4.6]	[2.3 , 4.5]	[2.2 , 5.4]
Exports (goods and services)	[12.2]	[5.0 , 7.9]	[4.1 , 7.3]
Imports (goods and services)	[10.9]	[4.9 , 8.3]	[4.3 , 7.7]

2000

December 2000
	1999	2000	2001	2002
HICP	[1.1]	[2.3 , 2.5]	[1.8 , 2.8]	[1.3 , 2.5]
Real GDP	[2.5]	[3.2 , 3.6]	[2.6 , 3.6]	[2.5 , 3.5]
Private consumption	[2.8]	[2.3 , 2.7]	[2.2 , 3.2]	[1.7 , 3.3]
Government consumption	[1.4]	[0.8 , 2.0]	[0.6 , 1.6]	[0.9 , 1.9]
Gross fixed capital formation	[5.3]	[4.7 , 5.7]	[3.3 , 6.3]	[3.1 , 6.3]
Exports (goods and services)	[4.6]	[9.8 , 12.6]	[6.5 , 9.7]	[5.6 , 8.8]
Imports (goods and services)	[6.2]	[8.8 , 11.4]	[6.0 , 9.4]	[5.3 , 8.7]

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Publications

Economic Bulletin ECB/Eurosystem staff projections including summary

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