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).
The outlook for euro area activity and inflation has become very uncertain due to the Russian war in Ukraine. Nevertheless, the economy should still grow robustly in 2022 as the headwinds from the pandemic and supply bottleneck gradually fade.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
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