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, %) | 0.60 | 0.80 | 0.90 | To the upside | 1.00 | To the downside | jun 04, 2025 |
| Inflation (%, eop) | 2.90 | 2.40 | 1.80 | To the downside | 2.10 | To the downside | jun 04, 2025 |
| Inflation (%, avg) | 5.40 | 2.40 | 2.00 | To the downside | 1.70 | To the downside | jun 04, 2025 |
| ECB interest rate (%, eop) | 4.00 | 3.00 | 2.00 | To the downside | 2.00 | To the downside | jun 04, 2025 |
| ECB interest rate (%, avg) | 3.40 | 3.69 | 2.21 | To the downside | 2.00 | To the downside | jun 04, 2025 |
| 10y Bund yield (%, eop) | 2.11 | 2.22 | 2.70 | Neutral | 2.65 | Neutral | jun 04, 2025 |
| 10y Bund yield (%, avg) | 2.46 | 2.34 | 2.62 | Neutral | 2.67 | Neutral | jun 04, 2025 |
| USD/EUR (level, eop) | 1.09 | 1.05 | 1.15 | To the upside | 1.18 | To the upside | jun 04, 2025 |
| USD/EUR (level, avg) | 1.08 | 1.08 | 1.12 | To the upside | 1.17 | To the upside | jun 04, 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 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 3.40 | 1.20 | -0.40 | Neutral | 1.20 | Neutral | jun 10, 2025 |
| Formal Employment (%yoy, eop) | 3.00 | 1.00 | -0.10 | Neutral | 1.60 | Neutral | jun 10, 2025 |
| Inflation (%, eop) | 4.70 | 4.20 | 3.90 | Neutral | 3.50 | Neutral | jun 10, 2025 |
| Monetary policy rate (%, eop) | 11.25 | 10.00 | 7.00 | Neutral | 6.50 | Neutral | jun 10, 2025 |
| MXN/USD (level, eop) | 17.20 | 20.30 | 20.50 | Neutral | 20.70 | Neutral | jun 10, 2025 |
| 10y bond (M10, %, eop) | 9.00 | 10.40 | 8.70 | Neutral | 8.20 | Neutral | jun 10, 2025 |
| Fiscal balance (% GDP) | -3.30 | -4.90 | -3.80 | Neutral | -3.30 | Neutral | jun 10, 2025 |
| Current Account Balance (% GDP) | -0.50 | -0.30 | 0.00 | Neutral | -0.60 | Neutral | jun 10, 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 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 2.70 | 3.20 | 2.50 | Neutral | 1.70 | Neutral | jun 12, 2025 |
| Inflation (%, eop) | 3.10 | 2.80 | 1.80 | Neutral | 2.10 | Neutral | jun 12, 2025 |
| Inflation (%, avg) | 3.50 | 2.80 | 2.10 | Neutral | 2.00 | Neutral | jun 12, 2025 |
| 10y bond (%, eop) | 3.10 | 2.90 | 3.40 | Neutral | 3.50 | Neutral | jun 12, 2025 |
| 10y bond (%, avg) | 3.50 | 3.10 | 3.30 | Neutral | 3.50 | Neutral | jun 12, 2025 |
| Fiscal Balance (% GDP) | -3.50 | -3.20 | -2.70 | Neutral | -2.50 | Neutral | jun 12, 2025 |
| Current Account Balance (% GDP) | 2.80 | 3.30 | 2.50 | Neutral | 2.10 | Neutral | jun 12, 2025 |
| Employment growth (%yoy, avg) | 3.20 | 2.40 | 2.70 | Neutral | 1.40 | Neutral | jun 12, 2025 |
| Unemployment rate (% Labour Force, avg) | 12.20 | 11.30 | 10.60 | Neutral | 10.20 | Neutral | jun 12, 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 (%) | 5.10 | 3.20 | 3.50 | To the downside | 4.00 | Neutral | jun 12, 2025 |
| Inflation (%, eop) | 64.80 | 44.40 | 31.00 | To the downside | 21.00 | Neutral | jun 12, 2025 |
| USD/TRY (end of period) | 29.44 | 35.28 | 45.00 | To the downside | 52.00 | Neutral | jun 12, 2025 |
| EUR/TRY (end of period) | 32.57 | 36.74 | 51.90 | To the downside | 61.54 | Neutral | jun 12, 2025 |
| 1 week repo rate (policy rate) | 42.50 | 47.50 | 36.00 | To the downside | 25.00 | Neutral | jun 12, 2025 |
| Fiscal Balance (% GDP) | -5.20 | -4.90 | -4.00 | To the upside | -3.60 | To the upside | jun 12, 2025 |
| Current Account Balance (% GDP) | -3.60 | -0.80 | -1.30 | To the downside | -2.20 | Neutral | jun 12, 2025 |
| Foreign trade balance (% GDP) | -9.40 | -6.20 | -7.00 | To the downside | -7.90 | Neutral | jun 12, 2025 |
| Unemployment rate (%, eop) | 9.40 | 8.80 | 9.00 | To the upside | 10.00 | Neutral | jun 12, 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 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | -1.90 | -1.30 | 5.50 | To the downside | 4.00 | To the downside | jul 15, 2025 |
| Inflation (%, eop) | 211.40 | 117.80 | 28.00 | To the downside | 18.00 | To the downside | jul 15, 2025 |
| Inflation (%, avg) | 133.50 | 219.90 | 41.20 | To the downside | 21.90 | To the downside | jul 15, 2025 |
| Official interest rate (%, eop) | 100.00 | 32.00 | 25.00 | To the downside | 20.00 | To the downside | jul 15, 2025 |
| Official interest rate (%, avg) | 101.00 | 53.90 | 28.50 | To the downside | 22.30 | To the downside | jul 15, 2025 |
| Primary Fiscal Balance (% GDP) | -2.70 | 1.80 | 1.60 | To the downside | 1.70 | Neutral | jul 15, 2025 |
| Current Account Balance (% GDP) | -3.20 | 0.90 | -1.80 | To the downside | -2.70 | To the downside | jul 15, 2025 |
| ARS/USD (level, eop) | 808.50 | 1,032.50 | 1,400.00 | To the upside | 1,633.00 | To the upside | jul 15, 2025 |
| ARS/USD (level, avg) | 296.50 | 916.30 | 1,210.10 | To the upside | 1,513.60 | To the upside | jul 15, 2025 |
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 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 0.70 | 1.60 | 2.30 | -- | 2.70 | -- | jun 11, 2025 |
| Inflation (%, eop) | 9.30 | 5.20 | 4.70 | -- | 3.80 | -- | jun 11, 2025 |
| Inflation (%, avg) | 11.70 | 6.60 | 5.00 | -- | 4.00 | -- | jun 11, 2025 |
| Official interest rate (%, eop) | 13.00 | 9.50 | 8.25 | -- | 7.25 | -- | jun 11, 2025 |
| Official interest rate (%, avg) | 13.13 | 11.10 | 8.90 | -- | 7.79 | -- | jun 11, 2025 |
| Current Account Balance (% GDP) | -2.20 | -1.80 | -2.70 | -- | -3.10 | -- | jun 11, 2025 |
| COP/USD (level, eop) | 3,954.00 | 4,386.00 | 4,360.00 | -- | 4,360.00 | -- | jun 11, 2025 |
| COP/USD (level, avg) | 4,326.00 | 4,074.40 | 4,280.10 | -- | 4,400.00 | -- | jun 11, 2025 |
| Exchange rate depreciation (yoy, %, eop) [positive means depreciation] | -17.40 | 10.93 | -0.59 | -- | 0.00 | -- | jun 11, 2025 |
| Exchange rate depreciation (yoy, %, avg) [positive means depreciation] | 1.60 | -5.82 | 5.05 | -- | 2.80 | -- | jun 11, 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 | Balance of risk | Forecast Date | ||
| GDP (%) | 5.20 | 5.00 | Neutral | 4.80 | To the upside | 4.50 | Neutral | jun 11, 2025 |
| Inflation (%, eop) | -0.80 | 0.10 | Neutral | 0.60 | To the downside | 1.00 | To the downside | jun 11, 2025 |
| Inflation (%, avg) | 0.20 | 0.24 | Neutral | 0.60 | To the downside | 1.00 | To the downside | jun 11, 2025 |
| Official interest rate (%, eop) | 3.45 | 3.10 | Neutral | 2.50 | To the upside | 2.50 | Neutral | jun 11, 2025 |
| Official interest rate (%, avg) | 3.60 | 4.00 | Neutral | 2.80 | Neutral | 2.50 | Neutral | jun 11, 2025 |
| Fiscal Balance (% GDP) | -5.10 | -5.50 | Neutral | -5.50 | Neutral | -5.50 | Neutral | jun 11, 2025 |
| Current Account Balance (% GDP) | 1.50 | 2.00 | Neutral | 1.40 | Neutral | 1.00 | Neutral | jun 11, 2025 |
| CNY/USD (level, eop) | 7.10 | 7.30 | Neutral | 7.20 | Neutral | 7.20 | Neutral | jun 11, 2025 |
| CNY/USD (level, avg) | 7.10 | 7.20 | Neutral | 7.20 | Neutral | 7.20 | Neutral | jun 11, 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 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | -0.40 | 3.30 | 3.10 | To the downside | 2.70 | Neutral | jul 04, 2025 |
| Inflation (%, eop) | 3.20 | 2.00 | 2.20 | To the downside | 2.60 | Neutral | jul 04, 2025 |
| Official interest rate (%, eop) | 6.75 | 5.00 | 4.50 | Neutral | 4.50 | Neutral | jul 04, 2025 |
| 10y bond (%, eop) | 6.82 | 6.77 | 6.95 | Neutral | 6.80 | Neutral | jul 04, 2025 |
| Fiscal Balance (% GDP) | -2.80 | -3.50 | -2.70 | To the upside | -2.50 | To the upside | jul 04, 2025 |
| Current Account Balance (% GDP) | 0.80 | 2.20 | 2.30 | To the upside | 1.70 | To the upside | jul 04, 2025 |
| PEN/USD (level, eop) | 3.74 | 3.74 | 3.68 | To the downside | 3.63 | To the upside | jul 04, 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 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 0.70 | 3.10 | 2.10 | To the downside | 1.90 | To the upside | jun 12, 2025 |
| Inflation (%, eop) | 5.10 | 5.50 | 5.40 | Neutral | 5.20 | Neutral | jun 12, 2025 |
| Inflation (%, avg) | 5.90 | 4.80 | 5.40 | Neutral | 5.10 | Neutral | jun 12, 2025 |
| Official interest rate (%, eop) | 9.00 | 8.80 | 9.30 | Neutral | 8.80 | Neutral | jun 12, 2025 |
| Official interest rate (%, avg) | 10.60 | 8.60 | 9.20 | Neutral | 9.00 | Neutral | jun 12, 2025 |
| Fiscal Balance (% GDP) | -3.90 | -4.20 | -3.90 | To the downside | -3.80 | To the downside | jun 12, 2025 |
| Current Account Balance (% GDP) | -3.60 | -1.00 | -1.10 | Neutral | -1.10 | To the downside | jun 12, 2025 |
| UYU/USD (level, eop) | 39.30 | 43.90 | 42.10 | To the upside | 44.30 | To the upside | jun 12, 2025 |
| UYU/USD (level, avg) | 38.80 | 40.20 | 42.20 | To the upside | 43.30 | To the upside | jun 12, 2025 |
USA
| 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 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 2.90 | 2.80 | 1.70 | Neutral | 2.00 | Neutral | jun 10, 2025 |
| Inflation (%, 4Qo4Q) | 3.20 | 2.70 | 3.50 | Neutral | 2.60 | Neutral | jun 10, 2025 |
| Inflation (%, avg) | 4.10 | 3.00 | 3.10 | Neutral | 2.90 | Neutral | jun 10, 2025 |
| Fed interest rate (%, eop) | 5.50 | 4.50 | 4.25 | Neutral | 3.25 | Neutral | jun 10, 2025 |
| Fed interest rate (%, avg) | 5.23 | 5.27 | 4.48 | Neutral | 3.79 | Neutral | jun 10, 2025 |
| 10y T bond (%, eop) | 4.00 | 4.40 | 4.70 | Neutral | 4.30 | Neutral | jun 10, 2025 |
| 10y T bond (%, avg) | 4.00 | 4.20 | 4.60 | Neutral | 4.60 | Neutral | jun 10, 2025 |
Commodities
| FORECAST | 2023 | 2024 | 2025 | 2026 | FORECAST | ||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Date | |||
| Brent Oil price (USD/b) Year avg | 82.20 | 80.20 | 66.80 | -- | 63.80 | -- | jun 11, 2025 |
| Copper price (¢USD/lb.) Year avg | 385.00 | 417.00 | 421.00 | To the upside | 423.00 | To the upside | jul 04, 2025 |
| Soybean price (USD/ton) Year avg | 520.40 | 405.20 | 378.90 | To the downside | 375.00 | To the downside | jul 15, 2025 |