• HICP inflation expectations unchanged for 2018, 2019 and 2020; longer-term expectations stable at 1.9%

• Real GDP growth expectations revised down for 2018 and 2019, but unchanged for 2020

• Unemployment rate expectations revised down for 2018, 2019 and 2020

Respondents to the ECB Survey of Professional Forecasters (SPF) for the fourth quarter of 2018 reported point forecasts for annual HICP inflation averaging 1.7% for each of 2018, 2019 and 2020. These results are unchanged from the previous (Q3 2018) survey round. Average longer-term inflation expectations (which, like all other longer-term expectations in this SPF, referred to 2023) remained stable at 1.9%