European Central Bank - eurosystem
Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

Macroeconomic projections

Macroeconomic projections aim to predict and understand the future state of the economy on a broad scale. They include information related to economic growth, inflation, wages, unemployment and trade.

Eurosystem and ECB staff produce macroeconomic projections that cover the outlook for the euro area and the wider global economy. These contribute to the ECB Governing Council’s assessment of economic developments and risks to price stability.

They are published four times a year (in March, June, September and December).

March 2023
At a glance

Inflation outlook

Inflation should continue to fall during 2023, driven by declines in energy inflation. As cost pressures fade and the ECB’s monetary policy measures gradually take effect, inflation should come back to the 2% target in the second half of 2025.

Gross domestic product outlook

As inflation falls, household income recovers and foreign demand strengthens, growth will pick up in the coming quarters. Despite tightening financing conditions, the euro area economy should grow by 1.0% in 2023 and by 1.6% in 2024 and 2025.


Full report

The full report contains a detailed assessment of the outlook for the euro area economy.

Read the report

Current and past projections

Compare our historical projections of inflation and economic growth. Past projections for the euro area and euro area countries are available for download.

All our macroeconomic projections

All pages in this section