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Past macroeconomic projection ranges

Twice a year, both ECB staff (March and September) and Eurosystem staff (June and December) publish macroeconomic projections for the euro area. The ranges indicate the projected average annual percentage changes. The projections are a key element in sharpening the assessment of macroeconomic developments.

This page presents all projections since 2000. Since September 2004 the ECB staff projections including a summary description have also been published in the Monthly Bulletin.

2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000

ECB Staff macroeconomic projections for the euro area

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]

ECB Staff macroeconomic projections for the euro area

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections for the euro area

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections for the euro area

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections for the euro area

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

ECB staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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]

Eurosystem staff macroeconomic projections

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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ECB Monthly Bulletin ECB/Eurosystem staff projections including summary