We expect positive growth momentum to resume during next year and are forecasting growth in modified domestic demand of 2.3 per cent in 2023 and 3.3 per cent in 2024. Similar pressures are being felt across Europe.
The latest economic forecasts of the ECB are for average inflation for the euro area of 8.1 per cent this year, 5.5 per cent in 2023 and 2.3 per cent in 2024, which is above the price stability target of 2 per cent.