The results of the ECB Survey of Professional Forecasters (SPF) for the third quarter of 2018 show average inflation expectations of 1.7% for each of 2018, 2019 and 2020. Compared with the previous survey, this represents upward revisions to 2018 and 2019, attributable to oil price developments. Average longer-term inflation expectations (which refer to 2023) remained stable at 1.9%. Expectations for real GDP growth were revised down a little in the near term to stand at 2.2%, 1.9% and 1.6% for 2018, 2019 and 2020, respectively. Expectations for real GDP growth in the longer term remained at 1.6%. Unemployment rate expectations were unchanged for 2018 and 2019, but revised upwards slightly further out.