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".
TEST-Commodities
| FORECAST | 2024 | 2025 | 2026 | 2027 | 2028 | FORECAST | |||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Date | |||
| Copper price (¢USD/lb.) Year avg | 385.00 | 417.00 | 444.00 | To the upside | 461.00 | To the upside | -- | -- | dec 11, 2025 |
| Soybean price (USD/ton) Year avg | 520.40 | 405.20 | 380.00 | To the downside | 394.60 | To the downside | 387.30 | To the downside | dec 15, 2025 |
| Brent Oil price (USD/b) Year avg | 82.20 | 80.20 | 68.60 | -- | 63.30 | -- | 24.50 | -- | dec 03, 2025 |
TEST-Argentina_ENG
| 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 (%) | 9.50 | 5.10 | 3.20 | To the upside | 2.70 | To the downside | oct 30, 2024 |
| Inflation (%, eop) | 64.30 | 64.80 | 43.00 | Neutral | 25.00 | Neutral | oct 30, 2024 |
| USD/TRY (end of period) | 18.70 | 29.44 | 37.00 | To the downside | 45.50 | Neutral | oct 30, 2024 |
| EUR/TRY (end of period) | 19.93 | 32.57 | 41.40 | To the downside | 52.50 | Neutral | oct 30, 2024 |
| 1 week repo rate (policy rate) | 9.00 | 42.50 | 47.50 | To the upside | 30.00 | Neutral | oct 30, 2024 |
| Fiscal Balance (% GDP) | -0.90 | -5.20 | -4.90 | To the upside | -3.30 | Neutral | oct 30, 2024 |
| Current Account Balance (% GDP) | -5.40 | -4.00 | -0.90 | Neutral | -1.40 | Neutral | oct 30, 2024 |
| Foreign trade balance (% GDP) | -12.10 | -9.40 | -6.60 | Neutral | -7.10 | Neutral | oct 30, 2024 |
| Unemployment rate (%, eop) | 10.50 | 9.40 | 9.30 | To the downside | 10.10 | To the upside | oct 30, 2024 |
Mexico
| 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 (%) | 9.50 | 5.10 | 3.20 | To the upside | 2.70 | To the downside | oct 30, 2024 |
| Inflation (%, eop) | 64.30 | 64.80 | 43.00 | Neutral | 25.00 | Neutral | oct 30, 2024 |
| USD/TRY (end of period) | 18.70 | 29.44 | 37.00 | To the downside | 45.50 | Neutral | oct 30, 2024 |
| EUR/TRY (end of period) | 19.93 | 32.57 | 41.40 | To the downside | 52.50 | Neutral | oct 30, 2024 |
| 1 week repo rate (policy rate) | 9.00 | 42.50 | 47.50 | To the upside | 30.00 | Neutral | oct 30, 2024 |
| Fiscal Balance (% GDP) | -0.90 | -5.20 | -4.90 | To the upside | -3.30 | Neutral | oct 30, 2024 |
| Current Account Balance (% GDP) | -5.40 | -4.00 | -0.90 | Neutral | -1.40 | Neutral | oct 30, 2024 |
| Foreign trade balance (% GDP) | -12.10 | -9.40 | -6.60 | Neutral | -7.10 | Neutral | oct 30, 2024 |
| Unemployment rate (%, eop) | 10.50 | 9.40 | 9.30 | To the downside | 10.10 | To the upside | oct 30, 2024 |
USA
| GDP (%) |
|---|
| Inflation (%, 4Qo4Q) |
| Inflation (%, avg) |
| Fed interest rate (%, eop) |
| Fed interest rate (%, avg) |
| 10y T bond (%, eop) |
| 10y T bond (%, avg) |
| 2021 | 2022 | 2023 | 2024 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 5.90 | 2.10 | 2.30 | Neutral | 1.50 | Neutral | sep 28, 2023 |
| Inflation (%, 4Qo4Q) | 6.80 | 7.10 | 2.90 | Neutral | 2.40 | Neutral | sep 28, 2023 |
| Inflation (%, avg) | 4.70 | 8.00 | 4.10 | Neutral | 2.40 | Neutral | sep 28, 2023 |
| Fed interest rate (%, eop) | 0.25 | 4.50 | 5.50 | Neutral | 4.75 | To the upside | sep 28, 2023 |
| Fed interest rate (%, avg) | 0.25 | 2.02 | 5.23 | Neutral | 5.25 | To the upside | sep 28, 2023 |
| 10y T bond (%, eop) | 1.50 | 3.60 | 4.30 | Neutral | 4.10 | To the upside | sep 28, 2023 |
| 10y T bond (%, avg) | 1.40 | 3.00 | 3.90 | Neutral | 4.20 | To the upside | sep 28, 2023 |
TEST-Spain2
| 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) |
| 2022 | 2023 | 2024 | 2025 | 2026 | FORECAST | ||||
|---|---|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 1.00 | 1.00 | 1.00 | Neutral | 3.00 | Neutral | 4.00 | Neutral | oct 11, 2024 |
| Inflation (%, eop) | 2.00 | 2.00 | 2.00 | Neutral | 3.00 | Neutral | 5.00 | Neutral | oct 11, 2024 |
| Inflation (%, avg) | 3.00 | 3.00 | 3.00 | Neutral | 3.00 | Neutral | 6.00 | Neutral | oct 11, 2024 |
| 10y bond (%, eop) | 4.00 | 4.00 | 4.00 | Neutral | 3.00 | Neutral | 7.00 | Neutral | oct 11, 2024 |
| 10y bond (%, avg) | 5.00 | 5.00 | 5.00 | Neutral | 3.00 | Neutral | 8.00 | Neutral | oct 11, 2024 |
| Fiscal Balance (% GDP) | 6.00 | 6.00 | 6.00 | Neutral | 3.00 | Neutral | 9.00 | Neutral | oct 11, 2024 |
| Current Account Balance (% GDP) | 7.00 | 7.00 | 7.00 | Neutral | 3.00 | Neutral | 10.00 | Neutral | oct 11, 2024 |
| Employment growth (%yoy, avg) | 8.00 | 8.00 | 8.00 | Neutral | 3.00 | Neutral | 11.00 | Neutral | oct 11, 2024 |
| Unemployment rate (% Labour Force, avg) | 9.00 | 9.00 | 9.00 | Neutral | 3.00 | Neutral | 12.00 | Neutral | oct 11, 2024 |
TEST-Colombia-ENG
| 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 (%) | 9.50 | 5.10 | 3.20 | To the upside | 2.70 | To the downside | oct 30, 2024 |
| Inflation (%, eop) | 64.30 | 64.80 | 43.00 | Neutral | 25.00 | Neutral | oct 30, 2024 |
| USD/TRY (end of period) | 18.70 | 29.44 | 37.00 | To the downside | 45.50 | Neutral | oct 30, 2024 |
| EUR/TRY (end of period) | 19.93 | 32.57 | 41.40 | To the downside | 52.50 | Neutral | oct 30, 2024 |
| 1 week repo rate (policy rate) | 9.00 | 42.50 | 47.50 | To the upside | 30.00 | Neutral | oct 30, 2024 |
| Fiscal Balance (% GDP) | -0.90 | -5.20 | -4.90 | To the upside | -3.30 | Neutral | oct 30, 2024 |
| Current Account Balance (% GDP) | -5.40 | -4.00 | -0.90 | Neutral | -1.40 | Neutral | oct 30, 2024 |
| Foreign trade balance (% GDP) | -12.10 | -9.40 | -6.60 | Neutral | -7.10 | Neutral | oct 30, 2024 |
| Unemployment rate (%, eop) | 10.50 | 9.40 | 9.30 | To the downside | 10.10 | To the upside | oct 30, 2024 |
TEST-Türkiye
| GDP (%) |
|---|
| Fiscal Balance (% GDP) |
| Current Account Balance (% GDP) |
| Foreign trade balance (% GDP) |
| Unemployment rate (%, eop) |
| 2021 | 2022 | 2023 | 2024 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 11.40 | 5.50 | 4.50 | To the upside | 3.50 | To the downside | oct 04, 2023 |
| Fiscal Balance (% GDP) | -2.70 | -0.90 | -6.40 | -- | -6.80 | -- | oct 04, 2023 |
| Current Account Balance (% GDP) | -0.90 | -5.30 | -4.60 | To the upside | -3.30 | -- | oct 04, 2023 |
| Foreign trade balance (% GDP) | -5.70 | -12.10 | -11.00 | To the upside | -9.80 | To the upside | oct 04, 2023 |
| Unemployment rate (%, eop) | 12.00 | 10.50 | 9.80 | To the upside | 10.30 | Neutral | oct 04, 2023 |
TEST-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) |
| 2021 | 2022 | 2023 | 2024 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 6.40 | 5.80 | 100.00 | Neutral | 1.50 | To the downside | nov 24, 2023 |
| Inflation (%, eop) | 5.80 | 5.70 | 4.30 | Neutral | 3.40 | Neutral | nov 24, 2023 |
| Inflation (%, avg) | 3.10 | 8.40 | 3.70 | Neutral | 3.50 | Neutral | nov 24, 2023 |
| 10y bond (%, eop) | 0.42 | 3.18 | 3.80 | Neutral | 3.74 | Neutral | nov 24, 2023 |
| 10y bond (%, avg) | 0.36 | 2.22 | 3.55 | Neutral | 3.78 | Neutral | nov 24, 2023 |
| Fiscal Balance (% GDP) | -6.60 | -4.70 | -4.10 | Neutral | -3.70 | Neutral | nov 24, 2023 |
| Current Account Balance (% GDP) | 0.70 | 0.70 | 2.80 | Neutral | 2.90 | Neutral | nov 24, 2023 |
| Employment growth (%yoy, avg) | 7.10 | 3.70 | 3.10 | Neutral | 1.90 | To the downside | nov 24, 2023 |
| Unemployment rate (% Labour Force, avg) | 14.80 | 12.90 | 12.20 | Neutral | 11.80 | To the upside | nov 24, 2023 |
TEST-China_ENG
| 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) |
| 2021 | 2022 | 2023 | 2024 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 8.10 | 3.00 | 5.20 | Neutral | 4.40 | To the upside | nov 10, 2023 |
| Inflation (%, eop) | 1.50 | 1.80 | 0.00 | To the downside | 2.00 | Neutral | nov 10, 2023 |
| Inflation (%, avg) | 0.90 | 2.00 | 0.40 | Neutral | 2.00 | Neutral | nov 10, 2023 |
| Official interest rate (%, eop) | 3.75 | 3.65 | 3.45 | To the upside | 3.35 | Neutral | dec 05, 2023 |
| Official interest rate (%, avg) | 3.80 | 3.70 | 3.50 | Neutral | 3.40 | Neutral | dec 05, 2023 |
| Fiscal Balance (% GDP) | -5.20 | -5.00 | -5.00 | To the upside | -4.00 | Neutral | nov 10, 2023 |
| Current Account Balance (% GDP) | 2.00 | 2.20 | 1.50 | Neutral | 1.20 | Neutral | nov 10, 2023 |
| CNY/USD (level, eop) | 6.36 | 6.90 | 7.10 | Neutral | 6.90 | Neutral | dec 05, 2023 |
| CNY/USD (level, avg) | 6.45 | 6.73 | 7.10 | Neutral | 7.00 | Neutral | dec 05, 2023 |
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) |
| 2022 | 2023 | 2024 | 2025 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (YoY, %) | 3.43 | 0.51 | 0.72 | Neutral | 1.45 | Neutral | mar 05, 2024 |
| Inflation (%, eop) | 9.20 | 2.93 | 2.47 | Neutral | 1.97 | Neutral | mar 05, 2024 |
| Inflation (%, avg) | 8.38 | 5.42 | 2.30 | Neutral | 2.03 | Neutral | mar 05, 2024 |
| ECB interest rate (%, eop) | 2.50 | 4.50 | 3.75 | Neutral | 2.75 | Neutral | mar 05, 2024 |
| ECB interest rate (%, avg) | 0.73 | 3.90 | 4.25 | Neutral | 3.29 | Neutral | mar 05, 2024 |
| 10y Bund yield (%, eop) | 2.13 | 2.11 | 2.30 | Neutral | 2.20 | Neutral | mar 05, 2024 |
| 10y Bund yield (%, avg) | 1.19 | 2.46 | 2.35 | Neutral | 2.25 | Neutral | mar 05, 2024 |
| USD/EUR (level, eop) | 1.06 | 1.09 | 1.11 | Neutral | 1.09 | Neutral | mar 05, 2024 |
| USD/EUR (level, avg) | 1.05 | 1.08 | 1.09 | Neutral | 1.08 | Neutral | mar 05, 2024 |
Uruguay EN
| 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) |
| 2022 | 2023 | 2024 | 2025 | FORECAST | |||
|---|---|---|---|---|---|---|---|
| Forecast | Balance of risk | Forecast | Balance of risk | Forecast Date | |||
| GDP (%) | 4.90 | 0.60 | 3.30 | To the upside | 2.70 | Neutral | mar 08, 2024 |
| Inflation (%, eop) | 8.30 | 5.10 | 6.40 | To the upside | 6.40 | To the upside | mar 08, 2024 |
| Inflation (%, avg) | 9.10 | 5.90 | 5.70 | To the upside | 5.70 | To the upside | mar 08, 2024 |
| Official interest rate (%, eop) | 11.50 | 9.00 | 8.00 | To the upside | 7.00 | Neutral | mar 08, 2024 |
| Official interest rate (%, avg) | 9.30 | 10.60 | 8.90 | To the upside | 7.40 | Neutral | mar 08, 2024 |
| Fiscal Balance (% GDP) | -3.40 | -3.80 | -3.10 | Neutral | -2.60 | Neutral | mar 08, 2024 |
| Current Account Balance (% GDP) | -3.70 | -3.60 | -2.10 | Neutral | -1.20 | Neutral | mar 08, 2024 |
| UYU/USD (level, eop) | 38.90 | 39.30 | 42.30 | To the upside | 44.50 | To the upside | mar 08, 2024 |
| UYU/USD (level, avg) | 41.20 | 38.80 | 40.60 | To the upside | 43.50 | To the upside | mar 08, 2024 |