ECB Consumer Expectations Survey results – December 2023

The ECB Consumer Expectations Survey (CES) now covers five more countries (Ireland, Greece, Austria, Portugal and Finland). The total number of countries increased from 6 to 11, accounting for 96% of the euro area’s GDP and 94% of its population. From now on, the CES will reflect the aggregate developments in the expanded composition. The comparison with earlier results in this press release is already based on the new country coverage. This is why some figures for November 2023 cited here do not coincide with those published in the previous CES press release in January 2024. All charts and tables included in the report refer to the new composition starting in April 2022.

Compared with November 2023:

  • the survey covers five additional countries (Ireland, Greece, Austria, Portugal and Finland);
  • median consumer inflation expectations for the next 12 months declined for the third consecutive month, while inflation expectations three years ahead edged up;
  • expectations for nominal income growth over the next 12 months and expectations for nominal spending growth remained broadly stable;
  • expectations for economic growth over the next 12 months remained unchanged, while the expected unemployment rate in 12 months’ time decreased;
  • expectations for growth in the price of homes over the next 12 months declined slightly, while expectations for mortgage interest rates 12 months ahead also declined.

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