Greece: in May 2011 the European Commission expected GDP growth of 1.1% for 2012; the outcome was −8.3%
Next-year forecasts of 55 releases (2000–2024): the outcome above the forecast 21 times, below 34; typical error −0.39 percentage points. The largest under-forecast in November 2020: 5.0% expected for 2021, the outcome was 8.7%. The largest over-forecast in November 2019: 2.3% expected for 2020, the outcome was −9.2%.
Source: HM Treasury and the OBR (OBR historical forecasts database), European Commission (forecasts and AMECO); actual: OBR, ONS, AMECOOpen on the chart →