The European Central Bank (ECB) conducted a survey of Professional Forecasters (SPF) for the first quarter of 2023, with the key findings noted below.

“Eurozone's HICP inflation seen at 5.9% in 2023, 2.7% in 2024, 2.1% in 2025 and longer-term.”

"According to respondents, these changes mainly reflect a combination of recent data outturns, ongoing stronger and broader than expected indirect effects of energy price developments as well as higher forecast wage growth.”

“Expect inflation to fall to 2.1% in 2025, which was not part of the survey in October, and stabilize there in the long term.”

“Real GDP growth expectations largely unchanged.”

“Unemployment rate expectations revised down.”