The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic Research. a range rather than a single point value. Notes: The SPF asks respondents to report their point forecasts and to separately assign probabilities to different ranges of outcomes. The profile of the average expectation for the annual growth in compensation per employee changed considerably from the previous round. [] HICP inflation expectations stand at 0.4%, 1.0% and 1.3% for 2020, 2021 and 2022, respectively. The impact of the coronavirus (COVID-19) pandemic and mitigation measures continued to be the main factor given by respondents in conjunction with their baseline inflation expectations and surrounding risks. Forecasters Cut Euro Area Growth, Inflation Expectations: ECB Survey . The second special survey conducted in 2013 also explored how forecast processes and methodologies might have changed following the financial crisis. Figure B, which shows the histogram of inflation levels respondents said they considered to be in line with the ECB’s price stability objective, presents essentially the same information as Figure A but from a different perspective. The average USD/EUR exchange rate was expected to appreciate very marginally, from around 1.18 in the fourth quarter of 2020 to 1.19 in 2021, and further to 1.20 in 2022. [3] The aggregate probability distributions for the calendar years 2020-22 are presented in Chart 2. The expected level of GDP at the longer-term horizon (2025) remains substantially lower than that based on the path projected before the coronavirus outbreak in Europe. This chart shows the average probabilities they assigned to different ranges of inflation outcomes in 2020, 2021 and 2022. Forecasters’ uncertainty about the unemployment rate in the future (as measured by the average width or standard deviations of the reported probability distributions) eased slightly from the levels observed across all horizons in the previous round but remained elevated by historical standards (see Chart 11 and Chart 12). (2007), ECB Occasional Paper 59). RTTNews . Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. On average, respondents’ expected profile for economic activity remained a flat and elongated “tick mark”, albeit somewhat shallower than expected in the previous round. SPF respondents’ oil price assumptions (see the section entitled “Expectations for other variables” for further details) were largely unchanged from the previous round, whereas their assumed USD/EUR rate was stronger by about 5%. Aggregate probability distributions for the unemployment rate in 2020, 2021 and 2022, (x-axis: unemployment rate expectations, percentages of the labour force; y-axis: probability, percentages). Notes: The SPF asks respondents to report their point forecasts and to separately assign probabilities to different ranges of outcomes. Upside risks mentioned related mainly to earlier than expected availability of a vaccine and to fiscal support measures, in particular the European recovery fund, which some respondents saw as possibly leading to higher productivity and higher than normal fiscal multipliers. This chart shows the average probabilities they assigned to different ranges of real GDP growth outcomes in 2020, 2021 and 2022. This article investigates the relationship between macroeconomic uncertainty, measured as the dispersion in economic forecasts across survey participants, and financial market volatility. Thus the histogram should span the entire range 0-2%, with all elements between 0.0% and 1.4% having same value of 5.6% (i.e. For two decades the ECB Survey of Professional Forecasters (SPF) has been collecting point forecasts and probability distributions for euro area-wide HICP inflation, real GDP growth and the unemployment rate at different horizons. These revisions appear to mainly reflect recent data outcomes. EUR/USD Outlook Remains Bleak as ECB Forecasters Predict Economic Slump. Inflation forecasts: are market-based and survey-based measures informative? <-1.0% and >4.0%). Respondents cited fears regarding a further widespread wave of infections and lockdowns as well as the general level of uncertainty as possible factors holding back economic activity and consequently inflation. Unemployment rate expectations revised down across all horizons. Overall, it finds considerable heterogeneity in the performance of the surveyed densities at the individual level. Get an overview of what the European Central Bank does and how it operates. continuous assessment of the inflation outlook and the accompanying risks. Thereafter oil prices were expected to increase steadily to slightly above USD 50 by 2022, which is also similar to previously reported expectations. In addition to the relative strength of the euro exchange rate, the temporary VAT reductions announced in some countries were also mentioned as aspects weighing on inflation. The aggregate results and microdata are published four times a year. Discussion of Survey of Professional Forecasters' Long-Term Forecast for Inflation. There was some improvement in the relative performance of expert densities during the recent period of macroeconomic volatility, but also evidence of overconfidence or neglected risks in expert probability assessments, as reflected in frequent occurrences of events which are assigned a zero probability. Histogram of inflation levels considered by SPF respondents to be in line with the ECB’s price stability objective, (x-axis: percentage changes; y-axis: percentages of respondents). ECB survey points to shallower recession, stronger rebound Updated / Friday, 17 Jul 2020 09:32 The ECB's Survey of Professional Forecasters says the euro zone economy may shrink by over 8% this year Key figures and latest releases at a glance. Overall, rate expectations were essentially unchanged from the previous round (see panel (a) of Chart 13). It finds that over this period inflation tended to be higher than had been expected, but there was less evidence of any systematic errors for GDP and unemployment forecasts. The results marked downward revisions for the fourth successive round, the ECB said, which were mainly … (Genre, V. et al. Learn more about how we use cookies, We are always working to improve this website for our users. The respondents mainly flagged better than expected data and the recent increase in new coronavirus infections as the reasons to revise their forecasts for 2020 and 2021. The upward revision was beyond the first decimal and very marginal. Since 1999, the European Central Bank (ECB) conducts a quarterly survey of the economic outlook in the euro area among professional forecasters. The balance of risks to the growth outlook was generally reported as being to the downside. The latest ECB survey of professional forecasters downgraded inflation outlook to 1.5 percent this year, 1.4 percent in 2018, and 1.6 percent in 2019. Professional forecasters have cut their forecasts for euro area growth and inflation, as the outlook for the currency bloc has worsened The empirical results suggest that many macroeconomic experts could systematically improve their density performance by correcting a downward bias in their variances. Twenty years of the ECB Survey of Professional Forecasters (de Vincent-Humphreys et al. Professional forecasters raised the euro area economic growth Forecast for this year, while slashed the projection for next year, results of a quarterly survey by the European Central Bank showed on Friday. For 2025, it is expected to be 2.4%, 0.4 percentage points higher than in the previous round. This paper investigates the effect of ECB asset purchases on inflation expectations in the euro area, as measured by the ECB Survey of Professional Forecasters. Annual HICP inflation is seen averaging 1.5 percent this year, the ECB Survey of Professional Forecasters … From this it can be seen that 100% of those responding to the special question considered 1.8% and 1.9% as being consistent with the ECB’s definition of price stability. This is slightly higher (by about 4%) than in the previous round (see panel (b) of Chart 13). Consumer prices in the euro area continued to fall in November, adding to the case for more European Central Bank stimulus next week. Before 2015, the SPF results were reported in the ECB’s Monthly Bulletin (Q1 – Feb, Q2 – May, Q3 – Aug, Q4 – Nov). Event-based evidence from the euro area SPF (Kenny, G. et al. For 2022 point forecasts have been revised up on average by 0.3 percentage points Longer-term growth expectations (which refer to 2024) remained stable at 1.4%. In the context of the current review of the ECB’s monetary policy strategy, SPF respondents were asked “what is the level or range of inflation that, according to your view, is in line with the ECB’s price stability objective?”[5] Nearly all respondents to the question – see Figure A – believed the objective to be flexible, i.e. Oil price expectations for the fourth quarter of 2020, at USD 42 per barrel, were the same as reported in the previous round. For specific terminology please refer to the ECB glossary (available in English only). Look at press releases, speeches and interviews and filter them by date, speaker or activity. Respondents reported increased overall uncertainty surrounding the outlook for inflation and considered that the balance of risks was … As a small number (around 5%) of respondents reported expectations of negative rates, the average (mean) expectation is slightly negative. ECB’s Guindos Says Outlook For Euro Area A Little Bit Brighter Knot: Recent Data Solidify Confidence in ECB Baseline Scenario ( Updates with ECB survey in sixth, Rehn in seventh paragraph. Euro zone inflation will be weaker than previously expected this year and next, an updated survey for the European Central Bank indicated on Thursday, darkening the euro zone's economic outlook. This situation reflects participants’ uncertainty about how the impact of the virus on the macroeconomy will evolve and about the impact of special protection schemes. Consensus Economics and Euro Zone Barometer longer-term expectations are from the October 2020 survey.2) As a percentage of the labour force. The expected level of GDP in 2021 was 0.2 percentage points higher than was expected in the previous round. Downloadable! [] HICP inflation expectations stand at 0.4%, 1.0% and 1.3% for 2020, 2021 and 2022, respectively. ECB releases the results of its latest survey of professional forecasters - 2020 inflation seen at 1.2% (previously 1.2%) - 2021 inflation seen at 1.4% (previously 1.4%) By Justin Low The patterned bar represents a response with the range 0-2%. Considering specifically the reported aggregated probability distributions, with data available for the first two quarters of 2020, the highest probability in the aggregate distribution for 2020 is now clearly assigned to an annual decrease in GDP of between 7% and 9%, and the aggregate distribution is substantially more concentrated than in the previous round. 1) Longer-term expectations refer to 2025 in the SPF and the Consensus Economics survey and to 2024 in the Euro Zone Barometer. In line with their overall assessment that uncertainty has risen, the width of forecasters’ probability distributions for inflation in the longer term stayed at a high level. The ECB Survey of Professional Forecasters (SPF) collects the views of experts affiliated with financial or non-financial institutions based within the European Union. Controlling for the effects of common macroeconomic shocks, cross-sectional and fixed-effect panel regressions are applied to link density characteristics and density forecast performance. The SPF, for which the full, anonymised microdata are published each quarter, provides a rich source of information for both research and conjunctural analysis, a selection of which is presented here. However, due to the emergence of new COVID-19 cases in the recent weeks, many forecasters now assumed a weaker fourth quarter 2020 and that the economy would remain affected by restrictions (albeit not complete lockdowns) well into 2021. (ECB Economic Bulletin, Issue 8, Box 4, 2017), How do professional forecasters assess the risks to inflation? ECB releases the results of its latest survey of professional forecasters - 2019 inflation seen at 1.2% (previously 1.3%) - 2020 inflation seen at 1.2% (previously 1.4%) By Justin Low Home›Statistics›ECB surveys› ECB survey of professional forecasters (SPF). “Sep 2020 MPE” denotes the September 2020 ECB staff macroeconomic projections. Data on inflation swaps and SPF forecasts show that both market-based and survey-based measures have a non-negligible predictive power for inflation developments, as compared to statistical benchmark models. Analyses show that the strong and persistent shocks in the past ten years have created challenges for the stability of the economic relationships and mean reversion tendencies on which forecasts tend to be based. The European Central Bank said professional forecasters expect the euro-area economy to contract this year, slashing their projections. Respondents reported that the balance of risks to their baseline inflation outlook was largely to the downside. measures and continuing uncertainties, expectations for euro area inflation, growth and unemployment were all revised further in the latest (Q3 2020) ECB Survey of Professional Forecasters (SPF). Respondents expected: (i) oil prices to increase steadily from around USD 40 per barrel in the third quarter of 2020 to just above USD 50 per barrel by 2022; (ii) the euro to appreciate slowly against the US dollar until 2022; (iii) the ECB’s main policy rates to remain low until at least 2022; and (iv) nominal wage growth to be in the range 1.1-2.0% over the entire forecast horizon. The longer-term expectations for HICP inflation excluding energy, food, alcohol and tobacco (HICPX) were at 1.5% for 2025, unchanged from the previous round. The ECB Survey of Professional Forecasters (SPF) collects information on the expected rates of inflation, real GDP growth and unemployment in the euro area at several horizons, ranging from the current year to the longer term. More specifically, for 2020, respondents cited the better than expected economic data for the second and third quarters of 2020 as the main factor behind the slightly less negative outlook. For 2020, more than half of respondents expect euro area GDP to decrease by between 4% and 6% annually, while for 2021 around 40% expect euro area GDP to increase by between 4% and 6% annually. More than 75% also considered 1.7% and 2.0% to be consistent. Inflation expectations: overall HICP inflation and HICP inflation excluding energy, food, alcohol and tobacco, Respondents reported that the overall uncertainty surrounding the outlook for inflation remained elevated and that they considered that the balance of risks to be still substantially to the downside. Forecasters Cut Euro Area Growth, Inflation Expectations: ECB Survey October 25, 2019 mediabest Business Professional forecasters lowered the growth, inflation and unemployment expectations for the euro area for this year and next, results of a survey by the European Central Bank showed on Friday, thus justifying the need for monetary and fiscal stimulus. This paper analyses the predictive power of market-based and survey-based inflation expectations for actual inflation. These revisions mainly reflect a combination of a changed profile for oil price assumptions and the weaker economic outlook. Expectations are reported not only as point forecasts, but also as probability distributions, providing a quantitative assessment of risk and uncertainty. Survey of Professional Forecasters. This occasional paper provides an initial assessment of the information content of the results from the first eight years of the Survey of Professional Forecasters. Respondents expected: (i) oil prices to increase from around USD 42 per barrel in the fourth quarter of 2020 to slightly above USD 50 per barrel by 2022; (ii) the euro to appreciate very slowly against the US dollar in the period to 2022; (iii) the ECB’s main policy rates to remain low until at least 2022; and (iv) nominal wage growth to rebound in 2021 and reach 2.4% by 2025. Expectations for euro area inflation, growth and unemployment were largely unchanged in the latest (Q1 2020) ECB Survey of Professional Forecasters (SPF). This chart shows the spread of point forecast responses. May 4, 2020 Market Analysis. The probability associated with longer-term inflation being negative was unchanged at 3.0% (see Chart 5). A pseudo real-time out-of-sample performance evaluation of these alternative combinations is provided, and a check of the sensitivity of the results to possible data snooping bias using a novel real-time meta selection procedure not subject to the data snooping critique. PRESS RELEASE 17 July 2015 SPF inflation expectations have been revised upwards for shorter-term and longer-term horizons. ECB Economic Bulletin, Issue 1, 2019). (2010), ECB Working Paper 1277). HICP inflation expectations stand at 1.2%, 1.4% and 1.5% for 2020, 2021 and 2022, respectively. statistics, Step 3, Euro area; STP - STEP data; STS - Short-term statistics The growth expectations imply a level of GDP in 2022 below that which prevailed in 2019 and 4.5% below what had been expected in the SPF in the first quarter of 2020 (see Chart 7). Can macroeconomists forecast risk? Distribution of point expectations for HICP inflation in the longer term, (x-axis: longer-term HICP inflation expectations, annual percentage changes; y-axis: percentages of respondents). The SPF forecasts for HICPX in 2020 and 2021 are 0.1 percentage points below the figures projected in the September 2020 ECB staff macroeconomic projections but the same for 2022. BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Professional forecasters raised the euro area economic growth forecast for this year, while slashed the projection for next year, results of a quarterly survey Relative to a set of simple benchmarks, this performance is somewhat better for GDP growth than for inflation, although in the former case it diminishes substantially with the forecast horizon. We are always working to improve this website for our users. This paper explores the potential gains from alternative combinations of SPF forecasts, including statistical combinations based on principal components analysis and trimmed means, performance-based weighting, least squares estimates of optimal weights as well as Bayesian shrinkage. In terms of other factors referred to, energy prices, especially oil, were considered to be a significant likely driver of the overall headline inflation profile, especially the low level in 2020 and expected pick-up in 2021. All rights reserved. 1/18). The apparent difference of 0.2 percentage points is due to rounding conventions. Examples of Survey Forms: See a recent survey form and several forms from the past. The main objective of the paper is to investigate if the forecasts The results of the ECB Survey of Professional Forecasters (SPF) for the third quarter of 2019 show HICP inflation expectations of 1.3%, 1.4% and 1.5% for 2019, 2020 and 2021, respectively. Uncertainty also decreased for the expected recovery in 2021, resulting in a more clearly unimodal distribution, more concentrated around growth of between 4% and 6%. (ECB Economic Bulletin, Issue 5, Box 4, 2017), What has been driving developments in professional forecasters’ inflation expectations? Twenty years of the ECB Survey of Professional Forecasters (de Vincent-Humphreys et al. Aside from this shortcoming in second-moment characteristics of the individual densities, other higher-moment features, such as skewness or variation in the degree of probability mass given to the tails of the predictive distributions, tend ¬– as a rule – not to contribute significantly to enhancing individual density forecast performance. Results of the Q2 2020 ECB Survey of Professional Forecasters. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. Expectations for euro area inflation, growth and unemployment were all changed sharply. The average longer-term forecast (for 2025) was, at 7.6%, 0.1 percentage points lower than in the previous round. Density characteristics and density forecast performance: a panel analysis (Kenny, G. et al. Notes: The SPF asks respondents to report their point forecasts and to separately assign probabilities to different ranges of outcomes. Longer-term growth expectations (which refer to 2025) remained stable at 1.4%. (2015), ECB Working Paper 1865). For the horizons 2020-22, the disagreement among forecasters decreased further yet remains sizeable by historical comparisons. Inflation expectations revised down slightly for 2021 and 2022 but remain broadly unchanged for the longer term. Although mean expectations declined somewhat, they remained quite well anchored to the ECB’s price stability objective and their degree of co-movement with other variables did not increase noticeably. Downloadable (with restrictions)! In addition, assessments of forecast uncertainty based on probability distributions did not seem to capture fully the overall level of macroeconomic uncertainty and, finally, longer-term inflation expectations had been well anchored at rates consistent with the ECB achieving its price stability objective. The ECB's Survey of Professional Forecasters reported stronger growth expectations for the coming years. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. Expected profile of GDP revised up slightly, with a slightly milder downturn in 2020 and rebound in 2021. Since 1999, the European Central Bank (ECB) conducts a quarterly survey of the economic outlook in the euro area among professional forecasters. Reflecting the ongoing impact of the coronavirus (COVID-19) pandemic and mitigation measures, uncertainty surrounding expectations for euro area inflation, growth and unemployment remained elevated in the fourth quarter of 2020 ECB Survey of Professional Forecasters (SPF). Navigation Path: Home›Statistics›ECB surveys›ECB survey of professional forecasters (SPF)›30 October 2020. This paper investigates the effect of ECB asset purchases on inflation expectations in the euro area, as measured by the ECB Survey of Professional Forecasters. According to the quarterly conducted ECB Survey of Professional Forecasters (SPF), forecasts for the annual HICP inflation averaged at 1.2 percent for 2019 and 2020 and 1.4 percent for 2021, down from 1.3 percent, 1.4 percent and 1.5 percent in the previous round of survey. This included the risk of a second wave of infections and further widespread containment measures but also the risks of indirect economic scarring effects from a prolonged downturn in certain segments, notably tourism, entertainment and hospitality. ECB releases the results of its latest survey of professional forecasters - 2019 inflation seen at 1.2% (previously 1.3%) - 2020 inflation seen at 1.2% (previously 1.4%) By Justin Low (ECB Economic Bulletin, Issue 1, Box 5, 2017), I understand and I accept the use of cookies, See what has changed in our privacy policy, a rolling horizon one year ahead of the latest available data, a rolling horizon two years ahead of the latest available data. Perceptions of uncertainty surrounding longer-term inflation expectations remained elevated and the balance of risks stayed clearly to the downside. The median expectation for the rate on the ECB’s main refinancing operations was for it to remain at 0% at least until 2022. Results of the Q2 2020 ECB Survey of Professional Forecasters. Recommended by … It compares the results with estimations for the pre-crisis period. Home Forex News EUR/USD Outlook Remains Bleak as ECB Forecasters Predict Economic Slump EUR/USD Outlook Remains Bleak as ECB Forecasters Predict Economic Slump. Browse the ECB’s reports, publications and research papers and filter them by date or activity. Learning from the SPF has remained a useful input for the ECB’s economic analysis and monetary policy. Although uncertainty is lower, it is still generally at levels higher than observed even during the Great Financial Crisis. This paper uses data from the ECB’s Survey of Professional Forecasters (SPF) to estimate a forward-looking version of the NKPC for the euro area after the start of the financial crisis. PDF ISSN 2363-3670, QB-BR-20-004-EN-NHTML ISSN 2363-3670, QB-BR-20-004-EN-Q, We are always working to improve this website for our users. Real GDP growth expectations were revised up for 2020 by 0.5 percentage points to -7.8% but down by 0.4 percentage points to 5.3% for 2021. SPF - Survey of Professional Forecasters; SSI - Banking Structural Financial Indicators; SSP - Structural Financial Indicators for Payments; SST - Securities Settlement Statistics; ST1 - Balance of Payments statistics, national data; ST3 - Balance of Payments and I.I.P. Excel data for all charts can be downloaded here. Outside of these values, the proportion drops substantially. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. The Statistical Data Warehouse (SDW) is a platform where euro area statistics, including in some cases national breakdowns are made available. Moreover, higher-moment features such as skew or the degree of probability mass in their tails are shown not to contribute significantly to improvements in individual density forecast performance. Survey results published by the European Central Bank (ECB) on Friday showed that many professional forecasters had revised down eurozone's annual inflation and GDP growth expectations, particularly for 2020. How informative are the subjective density forecasts of macroeconomists? In terms of other summary statistics, the median point forecast and the estimated mean of the aggregate probability distribution were both at 1.6% (see Chart 3). The results of Q2 2020 ECB Survey of Professional Forecasters (SPF) have to be seen in the context of the outbreak of the coronavirus (COVID-19) pandemic and subsequent mitigation measures. The ECB Survey of Professional Forecasters (SPF) is a quarterly survey of expectations for the rates of inflation, real GDP growth and unemployment in the euro area for several horizons, together with a quantitative assessment of the uncertainty surrounding them. For inflation and GDP growth, it finds that surveyed densities are informative about the future direction of change. Check all previous releases (from 2015 Q1). (RTTNews) - Professional forecasters lowered the growth, inflation and unemployment expectations for the euro area for this year and next, results... ATX 2 108 0,6% DAX 12 761-0,5% Dow 27 782 1,2% EStoxx50 3 194-0,6% Nasdaq 11 418 0,8% Öl 41,0 0,4% Euro 1,1722-0,2% CHF 1,0793-0,1% Gold 1 886-0,6% . (2017), ECB Conference “Understanding Inflation”). Respondents to the ECB Survey of Professional Forecasters (SPF) for the fourth quarter of 2017 reported point forecasts for annual HICP inflation averaging 1.5%, 1.4% and 1.6% for 2017, 2018 and 2019 respectively, unchanged from the previous survey. Compared with the previous round, the level of expected US dollar-denominated oil prices (per barrel) was quite similar over the entire horizon (the fourth quarter of 2020 to 2022) – see panel (c) of Chart 13. Notes: The blue bars depict the inflation rate or range of inflation rates that, according to the respondent’s view, is in line with the ECB’s price stability objective. These revisions appear to reflect recent inflation data rather than lower forecasts for future inflation, as expectations for the one-year and two-year ahead rolling horizons and for 2022 were unchanged (at 1.1%, 1.3% and 1.3% respectively). See what has changed in our privacy policy, ECB survey of professional forecasters (SPF), Financial stability and macroprudential policy, Euro area economic and financial developments by institutional sector, Euro area insurance corporation statistics, Euro area financial vehicle corporation statistics, Webcasts: hearings at European Parliament, Meetings of the Governing Council and the General Council, Banking Industry Dialogue on ESCB statistics, Implementation of ESA 2010 in euro area accounts, About the Statistical Data Warehouse (SDW), Selected euro area statistics and national breakdowns, Credit institutions and money market funds, Estimated MFI loans to NFCs by economic activity (NACE), Financial corporations engaged in lending, Long-term interest rate statistics for convergence purposes, Financial integration and structure in the euro area, Balance of payments and other external statistics, Balance of payments and international investment position, International reserves and foreign currency liquidity, Cross-border collateral in Eurosystem credit operations, Payment services, large-value and retail payment systems, Securities trading, clearing and settlement, Survey on the access to finance of enterprises (SAFE), Household finance and consumption survey (HFCS), Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD), Emergency liquidity assistance (ELA) and monetary policy, Securities settlement systems and central counterparties, Other infrastructures and service providers, Advisory groups on market infrastructures, Debt Issuance Market Contact Group (DIMCG), European Forum for Innovation in Payments (EFIP), The ECB Survey of Professional Forecasters - Fourth quarter of 2020, Results of the ECB Survey of Professional Forecasters in the fourth quarter of 2020, The ECB Survey of Professional Forecasters - Third quarter of 2020, Results of the Q3 2020 ECB Survey of Professional Forecasters, The ECB Survey of Professional Forecasters - Second quarter of 2020, Results of the Q2 2020 ECB Survey of Professional Forecasters, The ECB Survey of Professional Forecasters (SPF) – First quarter of 2020, Results of the Q1 2020 ECB Survey of Professional Forecasters, The ECB Survey of Professional Forecasters (SPF) - Fourth quarter of 2019, Results of the Q4 2019 ECB Survey of Professional Forecasters, An introduction to the ECB Survey of Professional Forecasters, (Occasional Paper No.8, 2003), Dates when the SPF has been conducted and published, Institutions which have contributed to the SPF, Results of the first special survey (conducted in 2008), Results of the second special survey (conducted in 2013), Results of the third special survey (conducted in 2018), What can we learn from the ECB Survey of Professional Forecasters about perceptions of labour market dynamics in the euro area?

Spring Flowering Bulbs, 50 Inch Wide Cabinet, How To Toast Bread On Stove, Farm Foods Market, Connemara Marble Fireplace, Album Cover Maker, Samsung J2 Price In Nigeria 2018,

ecb survey of professional forecasters outlook euro area

Оставите одговор

Ваша адреса е-поште неће бити објављена. Неопходна поља су означена *