Forecasts
In this section, you will find forecasts by year from our economic analyses. Select the geography for which you wish to see data, or select data for "Commodities".
Eurozone
| GDP (YoY, %) |
|---|
| Inflation (%, eop) |
| Inflation (%, avg) |
| ECB interest rate (%, eop) |
| ECB interest rate (%, avg) |
| 10y Bund yield (%, eop) |
| 10y Bund yield (%, avg) |
| USD/EUR (level, eop) |
| USD/EUR (level, avg) |
| 2023 | 2024 | 2025 | 2026 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (YoY, %) | 0.50 | 0.80 | 1.30 | Neutral | 1.00 | Neutral | sep 19, 2025 |
| Inflation (%, eop) | 2.90 | 2.50 | 2.00 | Neutral | 1.90 | Neutral | sep 19, 2025 |
| Inflation (%, avg) | 5.40 | 2.40 | 2.10 | Neutral | 1.80 | Neutral | sep 19, 2025 |
| ECB interest rate (%, eop) | 4.00 | 3.00 | 2.00 | To the downside | 2.00 | To the downside | sep 19, 2025 |
| ECB interest rate (%, avg) | 3.40 | 3.69 | 2.21 | To the downside | 2.00 | To the downside | sep 19, 2025 |
| 10y Bund yield (%, eop) | 2.11 | 2.22 | 2.70 | Neutral | 2.80 | Neutral | sep 19, 2025 |
| 10y Bund yield (%, avg) | 2.46 | 2.34 | 2.63 | Neutral | 2.76 | Neutral | sep 19, 2025 |
| USD/EUR (level, eop) | 1.09 | 1.05 | 1.18 | Neutral | 1.22 | Neutral | sep 19, 2025 |
| USD/EUR (level, avg) | 1.08 | 1.08 | 1.13 | Neutral | 1.20 | Neutral | sep 19, 2025 |
Mexico
| GDP (%) |
|---|
| Formal Employment (%yoy, eop) |
| Inflation (%, eop) |
| Monetary policy rate (%, eop) |
| MXN/USD (level, eop) |
| 10y bond (M10, %, eop) |
| Fiscal balance (% GDP) |
| Current Account Balance (% GDP) |
| 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 3.40 | 1.20 | 0.70 | Neutral | 1.20 | Neutral | 1.60 | Neutral | dec 09, 2025 |
| Formal Employment (%yoy, eop) | 3.00 | 1.00 | 0.90 | Neutral | 1.90 | Neutral | 2.50 | Neutral | dec 09, 2025 |
| Inflation (%, eop) | 4.70 | 4.20 | 3.80 | Neutral | 3.80 | Neutral | 3.60 | Neutral | dec 09, 2025 |
| Monetary policy rate (%, eop) | 11.25 | 10.00 | 7.00 | Neutral | 6.50 | Neutral | 6.50 | Neutral | dec 09, 2025 |
| MXN/USD (level, eop) | 17.20 | 20.30 | 18.50 | Neutral | 19.20 | Neutral | 19.40 | Neutral | dec 09, 2025 |
| 10y bond (M10, %, eop) | 9.00 | 10.40 | 8.80 | To the upside | 8.20 | Neutral | 8.00 | Neutral | dec 09, 2025 |
| Fiscal balance (% GDP) | -3.30 | -4.90 | -3.70 | Neutral | -3.80 | Neutral | -3.60 | Neutral | dec 09, 2025 |
| Current Account Balance (% GDP) | -0.50 | -0.30 | 0.00 | Neutral | -0.60 | Neutral | -0.90 | Neutral | dec 09, 2025 |
Spain
| GDP (%) |
|---|
| Inflation (%, eop) |
| Inflation (%, avg) |
| 10y bond (%, eop) |
| 10y bond (%, avg) |
| Fiscal Balance (% GDP) |
| Current Account Balance (% GDP) |
| Employment growth (%yoy, avg) |
| Unemployment rate (% Labour Force, avg) |
| 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 2.50 | 3.50 | 2.90 | Neutral | 2.40 | Neutral | 2.00 | Neutral | nov 28, 2025 |
| Inflation (%, eop) | 3.10 | 2.80 | 2.60 | Neutral | 2.60 | Neutral | 2.20 | Neutral | nov 28, 2025 |
| Inflation (%, avg) | 3.50 | 2.80 | 2.60 | Neutral | 2.50 | Neutral | 2.20 | Neutral | nov 28, 2025 |
| 10y bond (%, eop) | 3.10 | 2.90 | 3.20 | Neutral | 3.40 | Neutral | 3.60 | Neutral | nov 28, 2025 |
| 10y bond (%, avg) | 3.50 | 3.10 | 3.20 | Neutral | 3.30 | Neutral | 3.60 | Neutral | nov 28, 2025 |
| Fiscal Balance (% GDP) | -3.40 | -3.20 | -2.40 | Neutral | -2.10 | Neutral | -1.70 | Neutral | nov 28, 2025 |
| Current Account Balance (% GDP) | 2.90 | 3.40 | 3.10 | Neutral | 2.10 | Neutral | 1.20 | Neutral | nov 28, 2025 |
| Employment growth (%yoy, avg) | 3.60 | 2.80 | 3.20 | Neutral | 2.40 | Neutral | 1.70 | Neutral | nov 28, 2025 |
| Unemployment rate (% Labour Force, avg) | 12.20 | 11.30 | 10.60 | Neutral | 10.00 | Neutral | 9.60 | Neutral | nov 28, 2025 |
Türkiye
| GDP (%) |
|---|
| Inflation (%, eop) |
| USD/TRY (end of period) |
| EUR/TRY (end of period) |
| 1 week repo rate (policy rate) |
| Fiscal Balance (% GDP) |
| Current Account Balance (% GDP) |
| Foreign trade balance (% GDP) |
| Unemployment rate (%, eop) |
| 2023 | 2024 | 2025 | 2026 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 5.00 | 3.30 | 3.70 | Neutral | 4.00 | Neutral | dec 16, 2025 |
| Inflation (%, eop) | 64.80 | 44.40 | 31.50 | To the downside | 25.00 | Neutral | dec 16, 2025 |
| USD/TRY (end of period) | 29.44 | 35.28 | 43.00 | Neutral | 52.00 | To the downside | dec 16, 2025 |
| EUR/TRY (end of period) | 32.57 | 36.74 | 50.00 | Neutral | 62.28 | To the downside | dec 16, 2025 |
| 1 week repo rate (policy rate) | 42.50 | 47.50 | 38.00 | Neutral | 32.00 | To the downside | dec 16, 2025 |
| Fiscal Balance (% GDP) | -5.10 | -4.70 | -3.60 | Neutral | -3.70 | Neutral | dec 16, 2025 |
| Current Account Balance (% GDP) | -3.50 | -0.70 | -1.30 | To the downside | -1.50 | To the downside | dec 16, 2025 |
| Foreign trade balance (% GDP) | -9.20 | -6.10 | -5.90 | To the downside | -6.40 | To the downside | dec 16, 2025 |
| Unemployment rate (%, eop) | 9.40 | 8.70 | 8.40 | Neutral | 9.20 | Neutral | dec 16, 2025 |
Argentina
| GDP (%) |
|---|
| Inflation (%, eop) |
| Inflation (%, avg) |
| Official interest rate (%, eop) |
| Official interest rate (%, avg) |
| Primary Fiscal Balance (% GDP) |
| Current Account Balance (% GDP) |
| ARS/USD (level, eop) |
| ARS/USD (level, avg) |
| 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | -1.90 | -1.30 | 4.50 | To the downside | 3.00 | Neutral | 3.00 | Neutral | jan 14, 2026 |
| Inflation (%, eop) | 211.40 | 117.80 | 30.50 | Neutral | 14.00 | To the upside | 10.00 | To the upside | jan 14, 2026 |
| Inflation (%, avg) | 133.50 | 219.90 | 41.80 | Neutral | 21.40 | To the upside | 10.70 | To the upside | jan 14, 2026 |
| Official interest rate (%, eop) | 100.00 | 32.00 | 28.00 | Neutral | 19.50 | To the downside | 14.00 | To the downside | jan 14, 2026 |
| Official interest rate (%, avg) | 101.00 | 53.90 | 36.70 | Neutral | 22.20 | To the downside | 15.50 | To the downside | jan 14, 2026 |
| Primary Fiscal Balance (% GDP) | -2.70 | 1.80 | 1.60 | Neutral | 1.60 | Neutral | 1.70 | Neutral | jan 14, 2026 |
| Current Account Balance (% GDP) | -3.20 | 0.90 | -1.50 | To the downside | -1.90 | To the downside | -1.60 | To the downside | jan 14, 2026 |
| ARS/USD (level, eop) | 808.50 | 1,032.50 | 1,459.40 | Neutral | 1,730.00 | To the upside | 1,875.00 | To the upside | jan 14, 2026 |
| ARS/USD (level, avg) | 296.50 | 916.30 | 1,243.80 | Neutral | 1,617.50 | To the upside | 1,801.60 | To the upside | jan 14, 2026 |
Colombia
| GDP (%) |
|---|
| Inflation (%, eop) |
| Inflation (%, avg) |
| Official interest rate (%, eop) |
| Official interest rate (%, avg) |
| Current Account Balance (% GDP) |
| COP/USD (level, eop) |
| COP/USD (level, avg) |
| Exchange rate depreciation (yoy, %, eop) [positive means depreciation] |
| Exchange rate depreciation (yoy, %, avg) [positive means depreciation] |
| 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 0.70 | 1.60 | 2.70 | -- | 2.80 | -- | 2.80 | -- | dec 03, 2025 |
| Inflation (%, eop) | 9.30 | 5.20 | 5.20 | -- | 4.50 | -- | 3.80 | -- | dec 03, 2025 |
| Inflation (%, avg) | 11.70 | 6.60 | 5.10 | -- | 4.80 | -- | 4.00 | -- | dec 03, 2025 |
| Official interest rate (%, eop) | 13.00 | 9.50 | 9.25 | -- | 9.25 | -- | 8.25 | -- | dec 03, 2025 |
| Official interest rate (%, avg) | 13.13 | 11.10 | 9.31 | -- | 9.25 | -- | 8.85 | -- | dec 03, 2025 |
| Current Account Balance (% GDP) | -2.20 | -1.70 | -2.50 | -- | -3.20 | -- | -3.40 | -- | dec 03, 2025 |
| COP/USD (level, eop) | 3,954.00 | 4,386.00 | 3,730.00 | -- | 4,020.00 | -- | 4,085.00 | -- | dec 03, 2025 |
| COP/USD (level, avg) | 4,325.96 | 4,074.41 | 4,045.10 | -- | 3,959.60 | -- | 4,067.42 | -- | dec 03, 2025 |
| Exchange rate depreciation (yoy, %, eop) [positive means depreciation] | -17.40 | 10.93 | -14.96 | -- | 7.77 | -- | 1.62 | -- | dec 03, 2025 |
| Exchange rate depreciation (yoy, %, avg) [positive means depreciation] | 1.64 | -5.81 | -0.72 | -- | -2.11 | -- | 2.72 | -- | dec 03, 2025 |
China
| GDP (%) |
|---|
| Inflation (%, eop) |
| Inflation (%, avg) |
| Official interest rate (%, eop) |
| Official interest rate (%, avg) |
| Fiscal Balance (% GDP) |
| Current Account Balance (% GDP) |
| CNY/USD (level, eop) |
| CNY/USD (level, avg) |
| 2023 | 2024 | 2025 | 2026 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 5.20 | 5.00 | 4.80 | To the upside | 4.50 | Neutral | oct 21, 2025 |
| Inflation (%, eop) | -0.80 | 0.10 | 0.10 | Neutral | 1.00 | To the downside | oct 21, 2025 |
| Inflation (%, avg) | 0.20 | 0.24 | 0.10 | Neutral | 1.00 | To the downside | oct 21, 2025 |
| Official interest rate (%, eop) | 3.45 | 3.10 | 2.75 | To the upside | 2.75 | Neutral | oct 21, 2025 |
| Official interest rate (%, avg) | 3.60 | 4.00 | 2.90 | Neutral | 2.75 | Neutral | oct 21, 2025 |
| Fiscal Balance (% GDP) | -5.10 | -5.50 | -5.50 | Neutral | -5.50 | Neutral | oct 21, 2025 |
| Current Account Balance (% GDP) | 1.50 | 2.00 | 1.40 | Neutral | 1.00 | Neutral | oct 21, 2025 |
| CNY/USD (level, eop) | 7.10 | 7.30 | 7.10 | Neutral | 7.00 | Neutral | oct 21, 2025 |
| CNY/USD (level, avg) | 7.10 | 7.20 | 7.20 | Neutral | 7.00 | Neutral | oct 21, 2025 |
Peru
| GDP (%) |
|---|
| Inflation (%, eop) |
| Official interest rate (%, eop) |
| 10y bond (%, eop) |
| Fiscal Balance (% GDP) |
| Current Account Balance (% GDP) |
| PEN/USD (level, eop) |
| 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | -0.40 | 3.30 | 3.30 | Neutral | 3.10 | Neutral | 2.60 | Neutral | dec 11, 2025 |
| Inflation (%, eop) | 3.20 | 2.00 | 1.50 | Neutral | 2.50 | Neutral | 2.60 | Neutral | dec 11, 2025 |
| Official interest rate (%, eop) | 6.75 | 5.00 | 4.25 | To the downside | 4.25 | To the downside | 4.25 | To the downside | dec 11, 2025 |
| 10y bond (%, eop) | 6.82 | 6.77 | 6.50 | Neutral | 6.45 | Neutral | 6.40 | Neutral | dec 11, 2025 |
| Fiscal Balance (% GDP) | -2.80 | -3.40 | -2.20 | Neutral | -1.80 | To the downside | -1.80 | To the downside | dec 11, 2025 |
| Current Account Balance (% GDP) | 0.70 | 2.20 | 2.60 | To the upside | 1.70 | To the upside | 0.60 | To the upside | dec 11, 2025 |
| PEN/USD (level, eop) | 3.74 | 3.74 | 3.40 | To the downside | 3.37 | Neutral | 3.37 | Neutral | dec 11, 2025 |
Uruguay
| GDP (%) |
|---|
| Inflation (%, eop) |
| Inflation (%, avg) |
| Official interest rate (%, eop) |
| Official interest rate (%, avg) |
| Fiscal Balance (% GDP) |
| Current Account Balance (% GDP) |
| UYU/USD (level, eop) |
| UYU/USD (level, avg) |
| 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 0.70 | 3.10 | 2.10 | Neutral | 2.00 | To the upside | 2.30 | To the upside | jan 14, 2026 |
| Inflation (%, eop) | 5.10 | 5.50 | 3.70 | Neutral | 4.50 | Neutral | 4.50 | Neutral | jan 14, 2026 |
| Inflation (%, avg) | 5.90 | 4.80 | 4.70 | Neutral | 3.50 | Neutral | 4.50 | Neutral | jan 14, 2026 |
| Official interest rate (%, eop) | 9.00 | 8.80 | 7.50 | Neutral | 7.50 | Neutral | 7.00 | Neutral | jan 14, 2026 |
| Official interest rate (%, avg) | 10.60 | 8.60 | 8.70 | Neutral | 7.50 | Neutral | 7.10 | Neutral | jan 14, 2026 |
| Fiscal Balance (% GDP) | -3.90 | -4.20 | -4.40 | Neutral | -4.30 | To the downside | -4.20 | To the downside | jan 14, 2026 |
| Current Account Balance (% GDP) | -3.60 | -1.00 | -1.10 | Neutral | -1.10 | To the downside | -2.10 | To the downside | jan 14, 2026 |
| UYU/USD (level, eop) | 39.30 | 43.90 | 39.20 | Neutral | 41.20 | To the upside | 43.10 | To the upside | jan 14, 2026 |
| UYU/USD (level, avg) | 38.80 | 40.20 | 41.10 | Neutral | 40.20 | To the upside | 42.20 | To the upside | jan 14, 2026 |
| GDP (%) |
|---|
| Inflation (%, 4Qo4Q) |
| Inflation (%, avg) |
| Fed interest rate (%, eop) |
| Fed interest rate (%, avg) |
| 10y T bond (%, eop) |
| 10y T bond (%, avg) |
| 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 2.90 | 2.80 | 2.00 | Neutral | 1.90 | Neutral | 1.70 | Neutral | dec 09, 2025 |
| Inflation (%, 4Qo4Q) | 3.20 | 2.70 | 3.00 | Neutral | 2.90 | Neutral | 2.60 | Neutral | dec 09, 2025 |
| Inflation (%, avg) | 4.10 | 3.00 | 2.80 | Neutral | 2.90 | Neutral | 2.70 | Neutral | dec 09, 2025 |
| Fed interest rate (%, eop) | 5.50 | 4.50 | 3.75 | Neutral | 3.25 | Neutral | 3.25 | Neutral | dec 09, 2025 |
| Fed interest rate (%, avg) | 5.23 | 5.27 | 4.35 | Neutral | 3.56 | Neutral | 3.25 | Neutral | dec 09, 2025 |
| 10y T bond (%, eop) | 4.00 | 4.40 | 4.20 | Neutral | 4.10 | Neutral | 4.00 | Neutral | dec 09, 2025 |
| 10y T bond (%, avg) | 4.00 | 4.20 | 4.30 | Neutral | 4.10 | Neutral | 4.10 | Neutral | dec 09, 2025 |
Commodities
| FORECAST | 2023 | 2024 | 2025 | 2026 | 2027 | FORECAST | |||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Date | |||
| Brent Oil price (USD/b) Year avg | 82.20 | 80.20 | 68.60 | -- | 63.30 | -- | 64.50 | -- | dec 03, 2025 |
| Copper price (¢USD/lb.) Year avg | 385.00 | 417.00 | 444.00 | To the upside | 461.00 | To the upside | 457.00 | To the upside | dec 11, 2025 |
| Soybean price (USD/ton) Year avg | 520.40 | 405.20 | 380.40 | To the downside | 394.60 | To the downside | 387.30 | To the downside | dec 15, 2025 |