- GDP - Projection
- Inflation - Projection
Download forecasts with data and variable definitions
FORECASTS
Average for the last month in the period, unless otherwise specified | |||||||
Financial markets | |||||||
Average |
Average |
2019 |
2020 |
2021 |
2022 |
2023 | |
INTEREST RATES |
|||||||
Dollar | |||||||
Fed funds (upper limit) |
3.43 |
0.68 |
1.75 |
0.25 |
0.25 |
2.50 |
2.75 |
3-month Libor |
3.62 |
0.89 |
1.91 |
0.23 |
0.21 |
2.65 |
2.70 |
12-month Libor |
3.86 |
1.40 |
1.97 |
0.34 |
0.52 |
3.15 |
3.00 |
2-year government bonds |
3.70 |
0.95 |
1.63 |
0.13 |
0.62 |
2.55 |
2.60 |
10-year government bonds |
4.70 |
2.61 |
1.86 |
0.93 |
1.45 |
3.00 |
3.10 |
Euro | |||||||
ECB depo |
2.05 |
0.26 |
–0.50 |
–0.50 |
–0.50 |
0.00 |
0.75 |
ECB refi |
3.05 |
0.82 |
0.00 |
0.00 |
0.00 |
0.50 |
1.25 |
Eonia |
3.12 |
0.47 |
–0.46 |
–0.47 |
–0.49 |
0.05 |
1.00 |
1-month Euribor |
3.18 |
0.58 |
–0.45 |
–0.56 |
–0.60 |
0.04 |
0.97 |
3-month Euribor |
3.24 |
0.74 |
–0.40 |
–0.54 |
–0.58 |
0.12 |
1.03 |
6-month Euribor |
3.29 |
0.88 |
–0.34 |
–0.52 |
–0.55 |
0.32 |
1.16 |
12-month Euribor |
3.40 |
1.07 |
–0.26 |
–0.50 |
–0.50 |
0.53 |
1.29 |
Germany | |||||||
2-year government bonds |
3.41 |
0.45 |
–0.63 |
–0.73 |
–0.69 |
0.75 |
1.30 |
10-year government bonds |
4.31 |
1.70 |
–0.27 |
–0.57 |
–0.31 |
1.10 |
1.70 |
Spain | |||||||
3-year government bonds |
3.62 |
1.87 |
–0.36 |
–0.57 |
–0.45 |
1.38 |
1.88 |
5-year government bonds |
3.91 |
2.39 |
–0.09 |
–0.41 |
–0.25 |
1.58 |
2.08 |
10-year government bonds |
4.42 |
3.40 |
0.44 |
0.05 |
0.42 |
2.30 |
2.70 |
Risk premium |
11 |
171 |
71 |
62 |
73 |
120 |
100 |
Portugal | |||||||
3-year government bonds |
3.68 |
3.66 |
–0.34 |
–0.61 |
–0.64 |
1.47 |
2.04 |
5-year government bonds |
3.96 |
4.30 |
–0.12 |
–0.45 |
–0.35 |
1.72 |
2.24 |
10-year government bonds |
4.49 |
5.03 |
0.40 |
0.02 |
0.34 |
2.25 |
2.70 |
Risk premium |
19 |
334 |
67 |
60 |
65 |
115 |
100 |
EXCHANGE RATES | |||||||
EUR/USD (dollars per euro) |
1.13 |
1.28 |
1.11 |
1.22 |
1.13 |
1.10 |
1.18 |
EUR/GBP (pounds per euro) |
0.66 |
0.84 |
0.85 |
0.90 |
0.86 |
0.84 |
0.84 |
OIL PRICE | |||||||
Brent ($/barrel) |
42.3 |
81.6 |
65.2 |
50.2 |
74.8 |
95.0 |
80.0 |
Brent (euros/barrel) |
36.4 |
62.9 |
58.6 |
41.3 |
66.2 |
86.4 |
68.4 |
|