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Most recent Economic Perspectives publication

Economic Perspectives November 2025

Economic forecasts November 2025


 

Real GDP growth (period average, annual figures based on quarterly figures, in %)

Inflation (period average, in %)
    2024 2025 2026 2024 2025 2026
Euro area Euro area 0.8 1.4 1.0 2.4 2.1 1.8
Germany -0.5 0.3 0.8 2.5 2.3 1.7
France 1.1 0.8 1.1 2.3 1.0 1.6
Italy 0.5 0.5 0.4 1.2 1.6 1.4
Spain 3.5 2.8 2.1 2.9 2.6 1.9
Netherlands 1.1 1.7 1.0 3.2 3.1 2.8
Belgium 1.1 1.0 1.1 4.3 3.0 1.6
Ireland 2.6 10.1 3.8 1.4 1.8 1.4
Slovakia 1.9 0.6 0.8 3.2 4.2 4.2
Central and
Eastern Europe		 Czech Republic 1.1 2.5 2.0 2.7 2.4 2.2
Hungary 0.6 0.5 2.4 3.7 4.5 3.8
Bulgaria 3.2 3.0 2.7 2.6 3.5 3.4
Poland 3.0 3.4 3.2 3.6 3.6 2.9
Romania 0.9 1.0 1.6 5.8 7.2 6.3
Rest of Europe United Kingdom 1.1 1.3 1.0 2.3 3.4 2.6
Sweden 0.8 1.1 2.2 2.0 0.7 1.0
Norway 0.6 2.0 1.7 2.9 2.9 2.3
Switzerland 1.4 1.3 1.1 0.9 0.2 0.5
Emerging 
markets		 China 5.0 4.9 4.4 0.2 -0.1 0.7
India* 6.5 6.7 6.0 4.6 2.5 4.6
South Africa 0.5 1.1 1.3 4.4 3.3 3.9
Russia Temporarily no forecast due to extreme uncertainty
Turkey 3.3 3.4 3.4 58.5 34.4 23.7
Brazil 3.4 2.2 1.6 4.4 5.1 4.4
Other advanced economies United States 2.8 1.9 1.7 3.0 2.7 2.6
Japan  0.1 1.1 0.6 2.7 3.1 1.8
Australia 1.0 1.7 2.2 3.2 2.6 2.7
New Zealand -0.4 0.3 2.3 2.9 2.7 2.1
Canada 1.6 1.1 1.1 2.3 2.0 2.1
* fiscal year from April-March         6/11/2025

Policy rates (end of period, in %)
    6/11/2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Euro area Euro area (refi rate) 2.15 2.15 2.15 2.15 2.15
Euro area (depo rate) 2.00 2.00 2.00 2.00 2.00
Central and
Eastern Europe		 Czech Republic 3.50 3.50 3.50 3.50 3.50
Hungary (base rate) 6.50 6.50 6.50 6.50 6.25
Bulgaria -        
Poland 4.25 4.00 4.00 4.00 4.00
Romania 6.50 6.50 6.50 6.50 6.50
Rest of Europe United Kingdom 4.00 3.75 3.50 3.50 3.50
Sweden 1.75 1.75 1.75 1.75 1.75
Norway 4.00 4.00 4.00 4.00 4.00
Switzerland 0.00 0.00 0.00 0.00 0.00
Emerging markets China (7d rev.repo) 1.40 1.30 1.20 1.10 1.10
India 5.50 5.25 5.25 5.25 5.25
South Africa 7.00 7.00 6.75 6.75 6.50
Russia Temporarily no forecast due to extreme uncertainty
Turkey 39.50 37.50 34.50 31.75 28.75
Brazil 15.00 15.00 14.50 14.00 13.50
Other advanced
economies		 United States (mid-target range) 3.875 3.625 3.125 3.125 3.125
Japan  0.50 0.75 0.75 0.75 0.75
Australia 3.60 3.60 3.35 3.35 3.35
New Zealand 2.50 2.25 2.25 2.25 2.25
Canada 2.25 2.25 2.25 2.25 2.25

10 year government bond yields (end of period, in %)
    6/11/2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Euro area  Germany 2.66 2.70 2.73 2.75 2.78
France 3.45 3.55 3.58 3.60 3.63
Italy 3.41 3.55 3.57 3.58 3.60
Spain 3.17 3.25 3.28 3.30 3.32
Netherlands 2.82 2.90 2.93 2.95 2.98
Belgium 3.20 3.25 3.27 3.29 3.32
Ireland 2.89 2.95 2.98 3.00 3.03
Slovakia 3.39 3.50 3.53 3.55 3.58
Central and
Eastern Europe		 Czech Republic 4.51 4.40 4.30 4.30 4.30
Hungary 6.93 6.85 6.80 6.60 6.50
Bulgaria* (EUR) 3.40 3.40 3.42 3.43 3.45
Poland 5.34 5.20 5.10 4.90 4.80
Romania 6.98 7.00 7.03 7.05 7.08
Rest of Europe United Kingdom 4.44 4.50 4.53 4.55 4.58
Sweden 2.60 2.65 2.68 2.70 2.73
Norway 4.06 4.10 4.13 4.15 4.18
Switzerland 0.14 0.15 0.18 0.20 0.23
Emerging
markets		 China 1.76 1.75 1.80 1.85 1.95
India 6.51 6.56 6.61 6.66 6.76
South Africa 8.77 8.81 8.86 8.91 9.01
Russia Temporarily no forecast due to extreme uncertainty
Turkey 29.76 28.75 28.00 27.00 26.00
Brazil 13.78 13.85 13.90 13.95 14.05
Other advanced economies United States 4.10 4.15 4.20 4.25 4.35
Japan  1.68 1.70 1.75 1.85 1.85
Australia 4.33 4.35 4.40 4.45 4.55
New Zealand 4.16 4.15 4.20 4.25 4.35
Canada 3.13 3.15 3.20 3.25 3.35
*Caution: very illiquid market

Exchange rates (end of period)
  6/11/2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
USD per EUR 1.15 1.16 1.18 1.20 1.21
CZK per EUR 24.32 24.30 24.30 24.20 24.10
HUF per EUR 385.87 387.00 390.00 392.00 396.00
PLN per EUR 4.25 4.27 4.27 4.25 4.23
BGN per EUR 1.96 1.96 1.96 1.96 1.96
RON per EUR 5.08 5.10 5.11 5.12 5.14
GBP per EUR 0.88 0.88 0.89 0.90 0.90
SEK per EUR 11.05 10.95 10.90 10.85 10.85
NOK per EUR 11.78 11.60 11.55 11.50 11.50
CHF per EUR 0.93 0.93 0.93 0.93 0.93
BRL per USD 5.35 5.32 5.28 5.23 5.21
INR per USD 88.62 88.32 87.58 86.85 86.49
ZAR per USD 17.35 17.31 17.16 17.02 16.95
RUB per USD Temporarily no forecast due to extreme uncertainty
TRY per USD 42.12 43.55 45.66 47.65 49.65
RMB per USD 7.12 7.12 7.12 7.12 7.12
JPY per USD 153.38 148.00 145.00 142.00 140.00
USD per AUD 0.65 0.66 0.67 0.68 0.69
USD per NZD 0.56 0.57 0.57 0.58 0.60
CAD per USD 1.41 1.40 1.38 1.36 1.34

Other forecasts and updates

Belgium

Central and Eastern Europe