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2005 Q3

HICP Inflation forecasts

Inflation is defined as the year on year percentage change in the euro area all items Harmonised Index of Consumer Prices (HICP), as published by Eurostat.
2005 Q3 inflation forecasts
  2005 2006 2007 June 2006 June 2007 2010
Mean point estimate 2.1 1.8 1.8 1.7 1.8 1.9
Standard deviation 0.1 0.2 0.2 0.3 0.2 0.2
Number of replies 52 52 45 47 39 37
Probability distributions 2005 2006 2007 June 2006 June 2007 2010
<0.0% 0.0 0.1 0.1 0.1 0.40.6
0.0-0.4% 0.0 0.5 0.5 0.8 0.91.3
0.5-0.9% 0.3 3.1 3.5 3.6 4.94.1
1.0-1.4% 2.3 13.8 14.4 18.6 16.813.9
1.5-1.9% 30.5 46.4 45.0 41.8 41.738.6
2.0-2.4% 59.3 28.9 27.8 27.8 24.525.3
2.5-2.9% 6.7 6.1 6.6 5.9 8.010.3
3.0-3.4% 0.7 1.1 1.6 1.2 1.94.2
>3.5% 0.1 0.2 0.6 0.2 0.91.8
Total 100.0 100.0 100.0 100.0 100.0 100.0

Core HICP inflation forecasts

Core inflation is defined as the year on year percentage change in the euro area HICP special aggregate ‘all items excluding energy, food, alcohol and tobacco’, as published by Eurostat.

Real GDP growth forecasts

Real GDP growth is defined as year on year percentage change of real GDP (i.e. in volumes) in the euro area , according to the standardised European System of national and regional Accounts 2010 definition, as published by Eurostat.

2005 Q3 real GDP growth forecasts
  2005 2006 2007 2006 Q1 2007 Q1 2010
Mean point estimate 1.4 1.8 2.0 1.6 2.0 2.1
Standard deviation 0.2 0.3 0.2 0.3 0.3 0.3
Number of replies 52 52 43 45 36 36
Probability distributions 2005 2006 2007 2006 Q1 2007 Q1 2010
<0.0% 0.4 0.7 1.0 0.3 0.30.8
0.0-0.4% 1.2 1.7 1.8 1.4 1.61.6
0.5-0.9% 11.7 5.4 3.9 8.5 4.14.5
1.0-1.4% 48.4 23.3 13.9 26.5 13.712.1
1.5-1.9% 32.1 39.2 34.3 37.4 35.128.6
2.0-2.4% 4.7 21.8 31.3 19.4 30.431.6
2.5-2.9% 1.1 5.6 10.8 5.4 10.513.9
3.0-3.4% 0.3 1.3 2.1 0.8 3.35.0
3.5-3.9% 0.1 0.4 0.5 0.3 0.91.4
>4.0% 0.0 0.5 0.4 0.0 0.20.4
Total 100.0 100.0 100.0 100.0 100.0 100.0

Unemployment rate forecasts

The unemployment rate is defined as the number of unemployed, according to the ILO's definition, as a percentage of the labour force, as published by Eurostat.

2005 Q3 unemployment rate forecasts
  2005 2006 2007 May 2006 May 2007 2010
Mean point estimate 8.9 8.7 8.4 8.7 8.4 7.6
Standard deviation 0.1 0.2 0.3 0.2 0.4 0.7
Number of replies 51 50 41 42 35 33
Probability distributions 2005 2006 2007 May 2006 May 2007 2010
<5.5% 0.0 0.0 0.0 0.0 0.20.5
5.5-5.9% 0.0 0.0 0.0 0.0 0.31.1
6.0-6.4% 0.0 0.0 0.0 0.2 0.54.7
6.5-6.9% 0.1 0.1 0.4 0.4 1.210.0
7.0-7.4% 0.2 0.5 2.3 0.6 4.013.4
7.5-7.9% 0.6 3.8 9.7 5.0 10.121.3
8.0-8.4% 5.9 24.3 33.8 22.6 30.124.6
8.5-8.9% 69.6 50.6 39.1 49.6 38.816.2
9.0-9.4% 21.2 17.1 11.5 17.4 11.65.0
9.5-9.9% 1.7 2.2 2.2 2.4 2.42.2
10.0-10.4% 0.6 0.9 0.7 1.2 0.70.7
10.5-10.9% 0.0 0.2 0.1 0.3 0.20.1
>11.0% 0.0 0.0 0.0 0.1 0.00.0
Total 100.0 100.0 100.0 100.0 100.0 100.0