2012 Q4

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.
2012 Q4 inflation forecasts
  2012 2013 2014 Sep. 2013 Sep. 2014 2017
Mean point estimate 2.5 1.9 1.9 1.9 1.9 2.0
Standard deviation 0.1 0.2 0.3 0.3 0.2 0.3
Number of replies 55 54 47 47 41 48
Probability distributions 2012 2013 2014 Sep. 2013 Sep. 2014 2017
<-1.0% 0.0 0.0 0.1 0.0 0.00.2
-1.0 to -0.6% 0.0 0.1 0.2 0.1 0.20.3
-0.5 to -0.1% 0.0 0.2 0.4 0.4 0.70.7
0.0 to 0.4% 0.2 0.6 1.7 1.8 2.32.2
0.5 to 0.9% 0.2 4.1 5.9 5.9 6.76.1
1.0 to 1.4% 0.7 13.9 15.2 15.5 16.113.3
1.5 to 1.9% 3.2 36.8 34.1 34.2 28.425.9
2.0 to 2.4% 33.2 29.0 24.3 26.5 25.526.7
2.5 to 2.9% 56.2 11.1 12.6 10.8 13.915.8
3.0 to 3.4% 5.4 3.1 4.0 3.5 4.46.5
3.5 to 3.9% 0.6 0.9 1.2 1.0 1.41.8
>4.0% 0.2 0.1 0.4 0.2 0.40.5
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.

2012 Q4 real GDP growth forecasts
  2012 2013 2014 2013 Q2 2014 Q2 2017
Mean point estimate -0.5 0.3 1.3 0.1 1.2 1.8
Standard deviation 0.1 0.3 0.4 0.4 0.4 0.3
Number of replies 56 55 46 43 37 44
Probability distributions 2012 2013 2014 2013 Q2 2014 Q2 2017
<-1.0% 4.4 3.0 0.6 4.9 0.70.2
-1.0 to -0.6% 27.9 6.7 1.1 11.2 1.50.5
-0.5 to -0.1% 56.9 19.3 4.0 25.4 4.91.1
0.0 to 0.4% 9.5 32.8 10.4 26.5 12.23.6
0.5 to 0.9% 0.9 22.7 19.7 17.8 18.88.9
1.0 to 1.4% 0.3 10.0 28.6 8.9 25.720.2
1.5 to 1.9% 0.1 3.9 19.6 3.7 18.629.5
2.0 to 2.4% 0.0 1.2 8.9 1.1 10.220.0
2.5 to 2.9% 0.0 0.3 4.4 0.4 4.79.2
3.0 to 3.4% 0.0 0.1 1.8 0.2 1.84.1
3.5 to 3.9% 0.0 0.0 0.6 0.0 0.71.9
>4.0% 0.0 0.0 0.2 0.0 0.20.8
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.

2012 Q4 unemployment rate forecasts
  2012 2013 2014 Aug. 2013 Aug. 2014 2017
Mean point estimate 11.3 11.6 11.2 11.6 11.2 9.0
Standard deviation 0.2 0.4 0.7 0.4 0.6 0.9
Number of replies 52 52 43 38 36 38
Probability distributions 2012 2013 2014 Aug. 2013 Aug. 2014 2017
<6.5% 0.0 0.0 0.0 0.0 0.01.3
6.5 to 6.9% 0.0 0.0 0.0 0.0 0.02.5
7.0 to 7.4% 0.0 0.0 0.0 0.0 0.04.0
7.5 to 7.9% 0.1 0.0 0.0 0.0 0.06.9
8.0 to 8.4% 0.1 0.0 0.1 0.0 0.211.4
8.5 to 8.9% 0.2 0.1 0.3 0.1 0.617.1
9.0 to 9.4% 0.3 0.2 1.4 0.2 2.617.2
9.5 to 9.9% 0.7 0.5 5.2 1.2 5.215.4
10.0 to 10.4% 3.1 2.2 8.7 4.9 9.811.6
10.5 to 10.9% 8.3 8.8 16.0 12.3 16.86.1
11.0 to 11.4% 59.5 26.3 25.1 25.3 24.83.7
11.5 to 11.9% 22.5 33.7 20.1 29.3 19.61.7
12.0 to 12.4% 4.7 17.6 13.4 17.2 12.10.5
12.5 to 12.9% 0.4 7.7 6.9 7.0 5.80.3
13.0 to 13.4% 0.1 2.4 2.1 2.1 1.80.1
13.5 to 13.9% 0.0 0.4 0.6 0.4 0.50.1
14.0 to 14.4% 0.0 0.1 0.1 0.0 0.10.0
14.5 to 14.9% 0.0 0.0 0.0 0.0 0.00.0
>15.0% 0.0 0.0 0.0 0.0 0.00.0
Total 100.0 100.0 100.0 100.0 100.0 100.0