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2015 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.
2015 Q3 inflation forecasts
  2015 2016 2017 June 2016 June 2017 2020
Mean point estimate 0.2 1.3 1.6 1.2 1.5 1.9
Standard deviation 0.1 0.3 0.3 0.3 0.2 0.2
Number of replies 51 49 42 43 35 40
Probability distributions 2015 2016 2017 June 2016 June 2017 2020
<-1.0% 0.7 0.1 0.2 0.2 0.10.3
-1.0 to -0.6% 3.7 0.4 0.3 0.6 0.20.3
-0.5 to -0.1% 20.2 2.2 1.3 3.1 0.90.9
0.0 to 0.4% 50.2 8.4 4.9 10.4 6.02.8
0.5 to 0.9% 20.7 21.9 13.8 23.1 14.28.5
1.0 to 1.4% 3.0 33.9 28.1 29.6 24.220.4
1.5 to 1.9% 0.9 23.7 30.0 22.3 30.032.1
2.0 to 2.4% 0.3 6.4 13.0 7.3 15.419.9
2.5 to 2.9% 0.2 2.0 5.8 2.2 5.69.8
3.0 to 3.4% 0.0 0.5 1.9 0.7 2.43.6
3.5 to 3.9% 0.0 0.2 0.5 0.3 0.61.2
>4.0% 0.0 0.1 0.2 0.1 0.30.4
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.

2015 Q3 real GDP growth forecasts
  2015 2016 2017 2016 Q1 2017 Q1 2020
Mean point estimate 1.4 1.8 1.8 1.8 1.8 1.7
Standard deviation 0.1 0.2 0.2 0.2 0.2 0.3
Number of replies 53 51 42 42 36 40
Probability distributions 2015 2016 2017 2016 Q1 2017 Q1 2020
<-1.0% 0.1 0.2 0.2 0.2 0.30.5
-1.0 to -0.6% 0.2 0.2 0.3 0.3 0.40.6
-0.5 to -0.1% 0.8 0.7 1.1 0.8 1.21.8
0.0 to 0.4% 3.5 2.6 3.0 2.8 3.44.0
0.5 to 0.9% 12.8 7.8 7.5 10.5 8.89.4
1.0 to 1.4% 38.4 21.9 20.6 24.3 21.820.7
1.5 to 1.9% 35.9 36.2 34.3 32.6 32.530.7
2.0 to 2.4% 6.5 20.8 21.3 17.5 18.018.9
2.5 to 2.9% 1.1 6.0 7.5 7.0 7.98.3
3.0 to 3.4% 0.4 2.2 2.9 2.7 3.73.4
3.5 to 3.9% 0.1 0.9 0.9 0.7 1.31.5
>4.0% 0.1 0.6 0.5 0.4 0.70.4
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.

2015 Q3 unemployment rate forecasts
  2015 2016 2017 May 2016 May 2017 2020
Mean point estimate 11.0 10.5 10.0 10.7 10.1 9.0
Standard deviation 0.2 0.4 0.5 0.2 0.4 0.7
Number of replies 49 48 39 38 32 33
Probability distributions 2015 2016 2017 May 2016 May 2017 2020
<6.5% 0.0 0.0 0.0 0.0 0.00.8
6.5 to 6.9% 0.0 0.0 0.3 0.0 0.01.4
7.0 to 7.4% 0.0 0.0 0.7 0.0 0.42.5
7.5 to 7.9% 0.0 0.3 1.4 0.1 0.85.1
8.0 to 8.4% 0.1 1.0 2.3 0.6 1.510.9
8.5 to 8.9% 0.2 2.3 4.8 1.0 3.613.5
9.0 to 9.4% 1.6 3.6 12.4 2.3 9.020.8
9.5 to 9.9% 2.7 9.8 19.4 8.1 18.719.8
10.0 to 10.4% 5.1 24.4 26.2 22.0 27.514.0
10.5 to 10.9% 27.3 34.5 19.0 34.9 20.96.5
11.0 to 11.4% 46.8 15.0 7.6 19.5 9.73.1
11.5 to 11.9% 11.5 6.3 4.1 7.8 5.11.0
12.0 to 12.4% 3.4 2.0 1.5 2.9 2.10.3
12.5 to 12.9% 0.8 0.5 0.3 0.6 0.30.1
13.0 to 13.4% 0.3 0.2 0.1 0.1 0.10.0
13.5 to 13.9% 0.1 0.1 0.1 0.1 0.10.0
14.0 to 14.4% 0.1 0.1 0.0 0.0 0.00.0
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