ECB updates on euro area economic outlook and monetary policy as of April 2026

The European Central Bank (ECB) has released its latest economic outlook and monetary policy assessment for the euro area as of April 2026. The report includes updates on the asset side of the Eurosystem balance sheet, inflation trends, GDP projections, and financial market indicators.

Key points include:

• The deposit facility rate (DFR) and asset purchase programmes (APP & PEPP) are monitored, with latest observations for 7 April 2026.
• Inflation measures such as harmonized index of consumer prices (HICP), energy inflation, and non-energy inflation are analyzed, with latest data for the first quarter of 2026 and fourth quarter of 2025.
• GDP growth projections are provided across different scenarios, with updates from December 2021, June 2023, December 2024, September 2025, December 2025, and March 2026.
• The report covers the evolution of private consumption, total investment, exports, and import elasticity, with indices based on Q1 2022 = 100.

  Additional analyses include euro area export similarity with China, long-run import elasticity of China, historical USD/EUR exchange rate, current account balance, unemployment rate, and fiscal balance. Market-based inflation compensation and commodity price assumptions for oil and gas are also discussed, considering different scenarios.

  The full report is available at the official ECB website.

  Share