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Outlook for Economic Activity and Prices

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The Bank decides the text of the Outlook for Economic Activity and Prices (Outlook Report) at the Monetary Policy Meetings (MPMs) and releases it quarterly (usually in January, April, July, and October) note 1. The Outlook Report presents the Bank's outlook for developments in economic activity and prices, assesses upside and downside risks, and outlines its views on the future course of monetary policy.

  1. Notes 1: The Outlook Report may be released at the beginning of the months following those listed above depending on schedule adjustments.
  2. 2: Through 2015, at the April and October MPMs, the Bank decided the text of the Outlook Report and released the report semiannually. At the January and July MPMs, the Bank made interim assessments of the outlook laid out in the latest Outlook Report based on the developments in economic activity and prices after the release of the report. Each interim assessment is included in the statement on monetary policy released after the relevant MPM.
  3. 3: The Outlook Report was formerly "Outlook and Risk Assessment of the Economy and Prices."

Outlook for Economic Activity and Prices

Table : Outlook for Economic Activity and Prices1
Date Title
Jan. 22, 2021 January 2021 (full text) [PDF 1,353KB]
Jan. 21, 2021 January 2021 (The Bank's View) [PDF 305KB]
Oct. 30, 2020 October 2020 (full text) [PDF 1,736KB]
Oct. 29, 2020 October 2020 (The Bank's View) [PDF 365KB]
Jul. 16, 2020 July 2020 (full text) [PDF 1,601KB]
Jul. 15, 2020 July 2020 (The Bank's View) [PDF 295KB]
Apr. 28, 2020 April 2020 (full text) [PDF 2,019KB]
Apr. 27, 2020 April 2020 (The Bank's View) [PDF 366KB]
Jan. 22, 2020 January 2020 (full text) [PDF 1,609KB]
Jan. 21, 2020 January 2020 (The Bank's View) 
Nov.  1, 2019 October 2019 (full text) [PDF 1,175KB]
Oct. 31, 2019 October 2019 (The Bank's View) 
Jul. 31, 2019 July 2019 (full text) [PDF 1,161KB]
Jul. 30, 2019 July 2019 (The Bank's View) 
Apr. 26, 2019 April 2019 (full text) [PDF 1,246KB]
Apr. 25, 2019 April 2019 (The Bank's View) 
Jan. 24, 2019 January 2019 (full text) [PDF 1,274KB]
Jan. 23, 2019 January 2019 (The Bank's View) 
Nov.  1, 2018 October 2018 (full text) [PDF 1,040KB]
Oct. 31, 2018 October 2018 (The Bank's View) 
Aug.  1, 2018 July 2018 (full text) [PDF 1,244KB]
Jul. 31, 2018 July 2018 (The Bank's View) 
Apr. 28, 2018 April 2018 (full text) [PDF 1,218KB]
Apr. 27, 2018 April 2018 (The Bank's View) 
Jan. 24, 2018 January 2018 (full text) [PDF 1,116KB]
Jan. 23, 2018 January 2018 (The Bank's View) 
Nov.  1, 2017 October 2017 (full text) [PDF 2,339KB]
Oct. 31, 2017 October 2017 (The Bank's View) [PDF 264KB]
Jul. 21, 2017 July 2017 (full text) [PDF 2,474KB]
Jul. 20, 2017 July 2017 (The Bank's View) [PDF 263KB]
Apr. 28, 2017 April 2017 (full text) [PDF 2,953KB]
Apr. 27, 2017 April 2017 (The Bank's View) [PDF 256KB]
Feb.  1, 2017 January 2017 (full text) [PDF 2,632KB]
Jan. 31, 2017 January 2017 (The Bank's View) [PDF 248KB]
Nov.  2, 2016 October 2016 (full text) [PDF 2,537KB]
Nov.  1, 2016 October 2016 (The Bank's View) [PDF 229KB]
Jul. 30, 2016 July 2016 (full text) [PDF 2,535KB]
Jul. 29, 2016 July 2016 (The Bank's View) [PDF 246KB]
Apr. 29, 2016 April 2016 (full text) [PDF 2,502KB]
Apr. 28, 2016 April 2016 (The Bank's View) [PDF 262KB]
Jan. 30, 2016 January 2016 (full text) [PDF 2,478KB]
Jan. 29, 2016 January 2016 (The Bank's View) [PDF 264KB]
Oct. 31, 2015 October 2015 (full text) [PDF 1,393KB]
Oct. 30, 2015 October 2015 (The Bank's View) [PDF 162KB]
May   1, 2015 April 2015 (full text) [PDF 1,370KB]
Apr. 30, 2015 April 2015 (The Bank's View) [PDF 96KB]
Nov.  1, 2014 October 2014 (full text) [PDF 1,148KB]
Oct. 31, 2014 October 2014 (The Bank's View) [PDF 92KB]
May   1, 2014 April 2014 (full text) [PDF 1,149KB]
Apr. 30, 2014 April 2014 (The Bank's View) [PDF 90KB]
Nov.  1, 2013 October 2013 (full text) [PDF 1,008KB]
Oct. 31, 2013 October 2013 (The Bank's View) [PDF 68KB]
Apr. 27, 2013 April 2013 (full text) [PDF 980KB]
Apr. 26, 2013 April 2013 (The Bank's View) [PDF 63KB]
Oct. 31, 2012 October 2012 (full text) [PDF 1,525KB]
Oct. 30, 2012 October 2012 (The Bank's View) [PDF 171KB]
Apr. 28, 2012 April 2012 (full text) [PDF 5,960KB]
Apr. 27, 2012 April 2012 (The Bank's View) [PDF 69KB]
Oct. 28, 2011 October 2011 (full text) [PDF 2,843KB]
Oct. 27, 2011 October 2011 (The Bank's View) [PDF 84KB]
Apr. 29, 2011 April 2011 (full text) [PDF 1,886KB]
Apr. 28, 2011 April 2011 (The Bank's View) [PDF 77KB]
Oct. 29, 2010 October 2010 (full text) [PDF 1,159KB]
Oct. 28, 2010 October 2010 (The Bank's View) [PDF 164KB]
May   1, 2010 April 2010 (full text) [PDF 1,236KB]
Apr. 30, 2010 April 2010 (The Bank's View) [PDF 146KB]
Nov.  2, 2009 October 2009 (full text) [PDF 1,154KB]
Oct. 30, 2009 October 2009 (The Bank's View) [PDF 49KB]
May   1, 2009 April 2009 (full text) [PDF 1,001KB]
Apr. 30, 2009 April 2009 (The Bank's View) [PDF 136KB]
Nov.  4, 2008 October 2008 (full text) [PDF 871KB]
Oct. 31, 2008 October 2008 (The Bank's View) [PDF 121KB]
May   1, 2008 April 2008 (full text) [PDF 939KB]
Apr. 30, 2008 April 2008 (The Bank's View) [PDF 75KB]
Table : Outlook for Economic Activity and Prices2
Date The Bank's View Full Text
Oct. 31, 2007 October 2007  [PDF 797KB]
Apr. 27, 2007 April 2007  [PDF 858KB]
Oct. 31, 2006 October 2006  [PDF 780KB]
Apr. 28, 2006 April 2006  [PDF 900KB]
Oct. 31, 2005 October 2005  [PDF 613KB]
Apr. 28, 2005 April 2005  [PDF 667KB]
Oct. 29, 2004 October 2004  [PDF 454KB]
Apr. 28, 2004 April 2004  [PDF 357KB]
Oct. 31, 2003 October 2003  [PDF 222KB]
Apr. 30, 2003 April 2003  [PDF 171KB]
Oct. 30, 2002 October 2002  [PDF 54KB]
Apr. 30, 2002 April 2002 
Oct. 29, 2001 October 2001 
Apr. 26, 2001 April 2001 
Oct. 31, 2000 October 2000 

Boxes in the Outlook Report

The boxes in the Outlook Report present analyses of important topical issues. A list of boxes published in previous reports (from 2016 onward) is provided on the following page:

Notices of Changes and Corrections

Notices of Changes

Jul. 21, 2017
Change in the layout of the Outlook for Economic Activity and Prices 
Apr.  6, 2005
Extension of the Projection Period in the Outlook for Economic Activity and Prices 
Oct. 13, 2000
Release of Outlook and Risk Assessment of the Economy and Prices 

Notices of Corrections

Oct. 21, 2014
Correction to a Reference Chart in the "Outlook for Economic Activity and Prices" (April 2014) 
Nov. 16, 2012
Correction in "Outlook for Economic Activity and Prices" (October 2012) 

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