• GDP - Projection
  • Inflation - Projection
      Update date 12-09-2023
          Update date 12-09-2023

          Download forecasts with data and variable definitions

            FORECASTS

            Average for the last month in the period, unless otherwise specified

            Financial markets

            Average
            2000-2007

            Average
            2008-2019

            2020

            2021

            2022

            2023

            2024

            INTEREST RATES

            Dollar

            Fed funds (upper limit)

            3.43

            0.81

            0.25

            0.25

            4.50

            5.75

            4.25

            3-month Libor

            3.62

            1.01

            0.23

            0.21

            4.74

            5.80

            4.00

            12-month Libor

            3.86

            1.48

            0.34

            0.52

            5.47

            5.60

            3.40

            2-year government bonds

            3.70

            1.04

            0.13

            0.62

            4.41

            4.20

            2.80

            10-year government bonds

            4.70

            2.57

            0.93

            1.45

            3.62

            3.60

            3.10

            Euro

            ECB depo

            2.05

            0.20

            –0.50

            –0.50

            1.77

            4.00

            3.50

            ECB refi

            3.05

            0.75

            0.00

            0.00

            2.27

            4.50

            4.00

            €STR

            –0.54

            –0.56

            –0.58

            1.57

            3.91

            3.48

            1-month Euribor

            3.18

            0.50

            –0.56

            –0.60

            1.72

            3.87

            3.21

            3-month Euribor

            3.24

            0.65

            –0.54

            –0.58

            2.06

            3.82

            2.94

            6-month Euribor

            3.29

            0.78

            –0.52

            –0.55

            2.56

            3.95

            3.00

            12-month Euribor

            3.40

            0.96

            –0.50

            –0.50

            3.02

            4.08

            3.06

            Germany

            2-year government bonds

            3.41

            0.35

            –0.73

            –0.69

            2.37

            3.30

            2.50

            10-year government bonds

            4.30

            1.54

            –0.57

            –0.31

            2.13

            2.80

            2.60

            Spain

            3-year government bonds

            3.62

            1.69

            –0.57

            –0.45

            2.66

            3.15

            2.82

            5-year government bonds

            3.91

            2.19

            –0.41

            –0.25

            2.73

            3.23

            2.99

            10-year government bonds

            4.42

            3.17

            0.05

            0.42

            3.18

            3.90

            3.60

            Risk premium

            11

            164

            62

            73

            105

            110

            100

            Portugal

            3-year government bonds

            3.68

            3.33

            –0.61

            –0.64

            2.45

            3.32

            3.07

            5-year government bonds

            3.96

            3.94

            –0.45

            –0.35

            2.53

            3.33

            3.20

            10-year government bonds

            4.49

            4.67

            0.02

            0.34

            3.10

            3.70

            3.60

            Risk premium

            19

            314

            60

            65

            97

            90

            100

            EXCHANGE RATES

            EUR/USD (dollars per euro)

            1.13

            1.26

            1.22

            1.13

            1.06

            1.12

            1.15

            EUR/GBP (pounds per euro)

            0.66

            0.84

            0.90

            0.85

            0.87

            0.87

            0.89

            OIL PRICE

            Brent ($/barrel)

            42.3

            80.1

            50.2

            74.8

            81.3

            79.5

            79.0

            Brent (euros/barrel)

            36.4

            62.5

            41.3

            66.2

            76.8

            71.2

            68.8

            Forecasts

            Update date 12-09-2023