ECB Survey of Professional Forecasters (SBF); expectations for headline HICP inflation were broadly unchanged compared to the previous survey

Inflation: 

• Cuts 2023 HICP to 5.5% (prev. 5.6%, ECB Forecast 5.1%).
• Raises 2024 HICP to 2.7% (prev. 2.6%, ECB Forecast 3.0%).
• Maintains 2025 HICP at 2.2%.
• Maintains EZ long-term growth inflation expectations from 2.1%.

Growth:

• Maintains 2023 GDP growth forecast at 0.6% (ECB Forecast 0.9%).
• Cuts 2024 GDP growth forecast to 1.1% (prev. 1.2%, ECB Forecast 1.5%).
• Cuts 2025 GDP growth to 1.5% (prev. 1.6%).
• Cuts longer term GDP to 1.3% (prev. 1.4%).

via ECB