The objective is to produce a forecast of the economic development of the European economy and other major industrialized countries for the present year. The most important variables being forecasted are growth in real gross domestic product and its underlying spending components as well as inflation and labour market developments.
For the economic forecast various methods are used that are based on differing theoretical and statistical conditions. They include business cycle indicators (indicator approach), the econometric forecast, and the iterative-analytical method. These methods are combined according to the specific forecasting task and forecasting horizon at hand, making use of the strengths of each.
Survey result of Ifo World Economic Survey (WES), publications of the OECD and the statistical bureau of the EU as well as other national and international sources.
The results are incorporated in Chapter 1 of the EEAG Report which is published as a special issue of the Ifo journal CESifo Forum in February each year.
The EEAG Report can be downloaded from the Ifo Homepage.
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