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).
Full report
The coronavirus (COVID-19) pandemic has dramatically affected economic activity. Containment measures and elevated uncertainty are expected to continue to weigh on supply and demand. Nevertheless, the economic outlook is supported by substantial measures taken by central banks and governments.
Read the reportThe impact of the American Rescue Plan on the euro area
The US fiscal stimulus package is estimated to positively impact euro area GDP by about 0.3% over the projection horizon, with a peak impact on growth rates of around 0.2 percentage points in 2022. The package will have a more moderate impact on HICP inflation over the projection horizon.
MoreCurrent and past projections
Compare our historical projections of inflation and economic growth. Projections are made four years into the future based on what was known at the time.
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