As regards inflation, these analysts now expect inflation to average 3.4% in 2023 (3.6%; previous estimate); 3.3% in 2024 (3.4%; previous estimate) and 2.0% in 2025 (1.8%; previous estimate). For core inflation, which excludes unprocessed food and energy prices, they expect it to be 1.9% in 2024 and 1.8% in 2025.
For its part, the BdE expects the general government deficit to be 3.8% of GDP in 2023 (4.7% in 2022); 3.4% in 2024 and 3.6% in 2025. In addition, they expect public debt to GDP to fall in 2023 to 107% (112% in 2022), to 106% in 2024 and to rebound again in 2025 to 107% of GDP due to the higher government deficit.