Forecasts of Selected Variables: July 30, 2025
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@            Actual and Forecast Values for Selected Variables                
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@ Real GDP and its Endogenous Components                                      
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PRINTVAR FIXEDF LEVELS PCHANGES GDPR CS CN CD IHH IKF IM;                     
 
          GDPR        GDPR        CS          CS          CN          CN      
         Level      %Change      Level      %Change      Level      %Change 
2019.1  5107.92500     2.52343  2334.72500     0.42085   728.72500     3.53415
2019.2  5150.57500     3.38197  2345.30000     1.82412   736.97500     4.60594
2019.3  5210.82500     4.76183  2368.65000     4.04230   744.10000     3.92360
2019.4  5246.37500     2.75699  2387.55000     3.23010   744.77500     0.36335
2020.1  5173.32500    -5.45431  2334.85000    -8.54109   755.72500     6.01194
2020.2  4764.17500   -28.07634  2062.60000   -39.09904   730.97500   -12.47040
2020.3  5137.20000    35.19327  2227.70000    36.07137   782.07500    31.03385
2020.4  5192.95000     4.41206  2266.42500     7.13678   786.47500     2.26949
2021.1  5264.57500     5.63229  2296.15000     5.35026   807.17500    10.95097
2021.2  5347.25000     6.43113  2372.17500    13.91630   834.45000    14.21693
2021.3  5392.82500     3.45306  2431.82500    10.44406   835.20000     0.36000
2021.4  5490.12500     7.41468  2457.72500     4.32872   840.32500     2.47719
2022.1  5475.95000    -1.02877  2472.15000     2.36845   834.67500    -2.66243
2022.2  5479.82500     0.28336  2500.97500     4.74616   832.20000    -1.18083
2022.3  5516.70000     2.71898  2522.55000     3.49556   827.02500    -2.46428
2022.4  5562.37500     3.35312  2536.00000     2.14988   827.20000     0.08467
2023.1  5600.87500     2.79748  2559.52500     3.76252   832.30000     2.48905
2023.2  5634.85000     2.44857  2569.92500     1.63523   831.55000    -0.35996
2023.3  5695.25000     4.35704  2583.32500     2.10203   837.90000     3.08970
2023.4  5740.17500     3.19279  2605.87500     3.53761   845.42500     3.64100
2024.1  5763.40000     1.62827  2627.82500     3.41212   843.62500    -0.84893
2024.2  5805.97500     2.98776  2645.67500     2.74489   847.15000     1.68186
2024.3  5850.10000     3.07480  2664.17500     2.82649   856.72500     4.59827
2024.4  5885.60000     2.44949  2684.22500     3.04447   863.27500     3.09341
2025.1  5878.20000    -0.50197  2688.52500     0.64232   867.85000     2.13675
2025.2  5921.32500     2.96702  2696.00000     1.11678   870.67500     1.30844

2025.3  5970.10192     3.33594  2714.99814     2.84865   874.00169     1.53711
2025.4  6010.33390     2.72293  2735.52066     3.05803   877.42507     1.57599
2026.1  6046.86259     2.45331  2756.21044     3.05985   881.07482     1.67426
2026.2  6088.69089     2.79578  2776.82863     3.02600   884.94886     1.77041
2026.3  6128.44119     2.63710  2797.31624     2.98405   889.01358     1.84996
2026.4  6167.74273     2.58997  2817.69349     2.94582   893.24060     1.91550
2027.1  6207.52831     2.60531  2837.98419     2.91173   897.60669     1.96955
2027.2  6248.16585     2.64442  2858.19867     2.87972   902.09093     2.01333
2027.3  6289.51079     2.67324  2878.34755     2.84976   906.67497     2.04817
2027.4  6331.41862     2.69201  2898.44760     2.82267   911.34380     2.07572
 
          CD          CD          IHH         IHH         IKF         IKF     
         Level      %Change      Level      %Change      Level      %Change 
2019.1   376.35000    -3.50809   152.19456    -7.53528   591.91955     1.49322
2019.2   387.30000    12.15595   155.44283     8.81437   601.22650     6.43923
2019.3   396.42500     9.76254   158.05079     6.88185   605.85100     3.11239
2019.4   399.65000     3.29401   158.64430     1.51056   602.13723    -2.42949
2020.1   381.25000   -17.18288   163.82716    13.72232   591.96718    -6.58672
2020.2   379.70000    -1.61634   151.82168   -26.24498   546.06808   -27.59032
2020.3   452.00000   100.81278   172.54796    66.84151   566.44466    15.78246
2020.4   457.05000     4.54448   185.21938    32.77197   583.51096    12.60719
2021.1   489.00000    31.03297   189.48264     9.52972   597.53980     9.96925
2021.2   506.10000    14.73870   188.02736    -3.03690   612.04763    10.07116
2021.3   471.22500   -24.84326   186.81242    -2.55964   612.58052     0.34872
2021.4   481.05000     8.60444   187.46556     1.40584   622.52002     6.64993
2022.1   481.15000     0.08318   185.08606    -4.98136   642.67090    13.59030
2022.2   478.55000    -2.14403   179.15136   -12.22202   658.11337     9.96344
2022.3   476.27500    -1.88806   165.98911   -26.30501   672.82880     9.24849
2022.4   473.85000    -2.02114   155.11091   -23.74804   683.44696     6.46356
2023.1   492.95000    17.12455   152.59829    -6.32380   688.82303     3.18377
2023.2   492.55000    -0.32418   153.78009     3.13398   707.07123    11.02532
2023.3   497.62500     4.18555   156.39284     6.97123   709.66660     1.47634
2023.4   501.12500     2.84318   157.26519     2.24994   717.31464     4.38097
2024.1   498.92500    -1.74452   163.69974    17.39823   723.21475     3.33092
2024.2   505.57500     5.43900   162.36981    -3.21031   731.66061     4.75376
2024.3   514.95000     7.62617   160.64147    -4.19027   738.23016     3.64025
2024.4   530.17500    12.36129   164.01335     8.66408   731.40240    -3.64852
2025.1   525.20000    -3.70098   163.02115    -2.39791   748.12890     9.46624
2025.2   530.05000     3.74531   161.11267    -4.60119   751.72418     1.93618

2025.3   533.54418     2.66305   162.12038     2.52544   756.55810     2.59710
2025.4   537.45460     2.96405   164.02142     4.77359   763.57980     3.76445
2026.1   541.77024     3.25080   166.47806     6.12696   769.92431     3.36521
2026.2   546.49099     3.53125   169.29373     6.93884   780.80269     5.77257
2026.3   551.59581     3.78911   172.27195     7.22468   786.62747     3.01756
2026.4   557.07203     4.03072   175.32397     7.27708   792.12190     2.82333
2027.1   562.91054     4.25865   178.44539     7.31393   797.56809     2.77867
2027.2   569.10000     4.47126   181.63407     7.34157   803.23105     2.87051
2027.3   575.62824     4.66803   184.86882     7.31625   808.92142     2.86400
2027.4   582.48463     4.85026   188.13049     7.24623   814.71750     2.89703
 
          IM          IM      
         Level      %Change 
2019.1   773.57500    -0.24524
2019.2   777.85000     2.22891
2019.3   774.47500    -1.72429
2019.4   759.95000    -7.29344
2020.1   732.42500   -13.71952
2020.2   607.22500   -52.75608
2020.3   708.87500    85.72915
2020.4   760.25000    32.29611
2021.1   775.55000     8.29627
2021.2   791.17500     8.30563
2021.3   807.55000     8.53941
2021.4   846.57500    20.77695
2022.1   873.57500    13.38067
2022.2   886.25000     5.93128
2022.3   873.92500    -5.44780
2022.4   863.87500    -4.52120
2023.1   862.12500    -0.80784
2023.2   855.32500    -3.11786
2023.3   865.10000     4.65033
2023.4   874.07500     4.21484
2024.1   887.20000     6.14299
2024.2   903.50000     7.55398
2024.3   926.85000    10.74527
2024.4   922.47500    -1.87479
2025.1   999.72500    37.94431
2025.2   913.60000   -30.25675

2025.3   922.01675     3.73633
2025.4   929.35373     3.22121
2026.1   935.62721     2.72761
2026.2   941.50645     2.53729
2026.3   946.95611     2.33548
2026.4   952.06601     2.17598
2027.1   956.96869     2.07577
2027.2   961.79024     2.03062
2027.3   966.61479     2.02164
2027.4   971.49425     2.03453
PRINTVAR FIXEDF LEVELS IVF;                                                   
 
          IVF     
         Level  
2019.1    28.57500
2019.2    20.62500
2019.3    16.87500
2019.4     6.32500
2020.1   -10.75000
2020.2   -65.62500
2020.3    26.87500
2020.4    19.87500
2021.1    -5.50000
2021.2   -35.25000
2021.3     2.37500
2021.4    50.02500
2022.1    48.95000
2022.2    21.67500
2022.3    14.70000
2022.4    33.77500
2023.1     5.15000
2023.2    -0.05000
2023.3    16.80000
2023.4    11.15000
2024.1     4.42500
2024.2    17.92500
2024.3    14.47500
2024.4     2.22500
2025.1    40.12500
2025.2    -6.50000

2025.3    13.36346
2025.4    18.45528
2026.1    18.07443
2026.2    17.11941
2026.3    18.07470
2026.4    18.04547
2027.1    17.82777
2027.2    17.67444
2027.3    17.75533
2027.4    17.92740
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@ Prices and Wages                                                            
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PRINTVAR FIXEDF PCHANGES GDPD PF WF WR ;                                      
 
          GDPD        PF          WF          WR      
        %Change     %Change     %Change     %Change 
2019.1     1.20202     1.36383     8.42637     6.96752
2019.2     2.08535     2.63170     1.47468    -1.12735
2019.3     1.27905     0.81494     1.57584     0.75475
2019.4     1.25051     1.55745     6.82229     5.18410
2020.1     1.85852     0.55151    11.09440    10.48507
2020.2    -1.46897    -1.50257    35.18833    37.25061
2020.3     3.55016     3.10759    -4.91631    -7.78207
2020.4     2.74449     2.37904     3.39158     0.98900
2021.1     5.49405     5.67109    -0.23242    -5.58668
2021.2     6.00770     4.72349     8.78594     3.87922
2021.3     6.31843     7.12666     4.60402    -2.35483
2021.4     6.96476     7.85731     4.14615    -3.44081
2022.1     8.38258     8.43442    -1.10038    -8.79316
2022.2     9.38980     9.91221     2.50673    -6.73764
2022.3     4.58409     4.85470     8.51707     3.49280
2022.4     3.74312     4.09973     2.31356    -1.71582
2023.1     3.69293     4.44568     3.93259    -0.49125
2023.2     1.83153     2.69477     5.53242     2.76319
2023.3     3.20578     3.67485     5.21456     1.48513
2023.4     1.55269     1.90312     4.99286     3.03203
2024.1     3.02561     3.30054     8.26427     4.80514
2024.2     2.53950     2.52467     2.06537    -0.44798
2024.3     1.89411     1.66678     0.76386    -0.88812
2024.4     2.33115     1.89645     5.74647     3.77837
2025.1     3.76651     3.67606     3.60433    -0.06918
2025.2     1.93231    -1.22592     4.61353     5.91193

2025.3     0.64240     0.36086     2.54148     2.17278
2025.4     1.20843     0.96718     3.12473     2.13689
2026.1     1.51707     1.29118     3.43168     2.11321
2026.2     1.75308     1.56211     3.68635     2.09156
2026.3     1.99935     1.78715     3.89590     2.07173
2026.4     2.17801     1.97658     4.07051     2.05334
2027.1     2.33506     2.14320     4.22271     2.03588
2027.2     2.47922     2.29678     4.36210     2.01895
2027.3     2.61624     2.44119     4.49248     2.00241
2027.4     2.74472     2.57738     4.61479     1.98622
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@ Interest Rates and Money                                                    
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PRINTVAR FIXEDF LEVELS RS RB RM M1 PCM1 ;                                     
 
          RS          RB          RM          M1          PCM1    
         Level       Level       Level       Level       Level  
2019.1     2.38667     3.83000     4.36667  4213.77700    -3.97935
2019.2     2.30000     3.59333     4.00333  4313.11600     9.76866
2019.3     1.98000     3.10000     3.66667  4437.19800    12.01358
2019.4     1.57667     3.02667     3.70333  4528.09100     8.44895
2020.1     1.11000     2.91333     3.51333  5362.09500    96.64252
2020.2     0.14333     2.45667     3.23333  6092.17300    66.62912
2020.3     0.11333     2.23333     2.95000  6316.55900    15.56686
2020.4     0.09333     2.30333     2.76000  7491.13800    97.81944
2021.1     0.05000     2.73000     2.87667  8011.45800    30.81425
2021.2     0.02667     2.88333     3.00000  8426.02000    22.36119
2021.3     0.04667     2.55000     2.87000  8804.20400    19.19841
2021.4     0.05333     2.64667     3.08000  9035.70700    10.94000
2022.1     0.30667     3.20333     3.79333  9285.20000    11.51069
2022.2     1.07667     4.04333     5.24333  9522.80500    10.63550
2022.3     2.66333     4.24000     5.58000  9608.67700     3.65609
2022.4     4.04000     4.81000     6.69000  9407.75600    -8.10544
2023.1     4.62667     4.52000     6.35667  9390.21000    -0.74394
2023.2     5.07333     4.59667     6.49333  9330.97600    -2.49945
2023.3     5.29000     4.91333     7.03667  9172.14600    -6.63684
2023.4     5.28333     5.21000     7.29333  9162.75400    -0.40896
2024.1     5.23333     4.97000     6.74667  9490.56300    15.09695
2024.2     5.24333     5.22000     6.99000  9426.49200    -2.67319
2024.3     4.99000     4.89000     6.51000  9568.07100     6.14441
2024.4     4.40000     5.09667     6.65333  9727.97500     6.85435
2025.1     4.21000     5.35667     6.81667  9969.73400    10.31752
2025.2     4.23000     5.48333     6.79000 10118.41335     6.10000

2025.3     4.23864     5.58028     6.86493 10136.90418     0.73298
2025.4     4.22079     5.65932     6.92065 10169.85251     1.30649
2026.1     4.20237     5.73056     6.96557 10211.18646     1.63568
2026.2     4.21462     5.80455     7.01483 10259.13678     1.89162
2026.3     4.23681     5.87609     7.06539 10313.51939     2.13728
2026.4     4.25209     5.94115     7.11037 10373.10676     2.33114
2027.1     4.26513     6.00165     7.15043 10437.47463     2.50530
2027.2     4.28397     6.06029     7.18936 10506.33099     2.66504
2027.3     4.30906     6.11763     7.22865 10579.50285     2.81506
2027.4     4.33749     6.17333     7.26792 10656.82855     2.95581
@                                                                             
@ Unemployment Rate and Unemployment                                          
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PRINTVAR FIXEDF LEVELS UR100 U;                                               
 
          UR100       U       
         Level       Level  
2019.1     3.85886     6.35478
2019.2     3.66019     6.02633
2019.3     3.62517     6.00787
2019.4     3.57608     5.95562
2020.1     3.84374     6.39703
2020.2    13.01104    20.91569
2020.3     8.82050    14.38658
2020.4     6.75832    11.06101
2021.1     6.25700    10.22359
2021.2     5.91962     9.72211
2021.3     5.10920     8.42573
2021.4     4.21938     6.99155
2022.1     3.84838     6.38726
2022.2     3.66371     6.09002
2022.3     3.56440     5.93914
2022.4     3.59820     6.00807
2023.1     3.51880     5.90341
2023.2     3.55776     5.98921
2023.3     3.68875     6.23721
2023.4     3.78708     6.41332
2024.1     3.81442     6.46639
2024.2     3.97910     6.76180
2024.3     4.18212     7.13334
2024.4     4.16662     7.10579
2025.1     4.10089     6.99467
2025.2     4.18299     7.13933

2025.3     4.18093     7.14382
2025.4     4.18643     7.16207
2026.1     4.21721     7.22422
2026.2     4.23995     7.27332
2026.3     4.27059     7.33662
2026.4     4.30973     7.41511
2027.1     4.35300     7.50125
2027.2     4.39615     7.58774
2027.3     4.43754     7.67171
2027.4     4.47694     7.75278
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@ Labor Force and Employment                                                  
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PRINTVAR FIXEDF PCHANGES L1 L2 L3 LM JF E;                                    
 
          L1          L2          L3          LM          JF          E       
        %Change     %Change     %Change     %Change     %Change     %Change 
2019.1     2.48708     0.25535     1.96622   -17.37607     0.83054     1.56008
2019.2    -1.49155    -0.24049     1.39443    12.92182     1.12406     0.73548
2019.3     0.67093     1.92928     5.08500   -32.48170     1.48350     2.77693
2019.4     1.54900     4.20397     0.56876   -26.44058     1.07483     2.16692
2020.1    -0.02306    -0.23741    -0.52622   -45.90051    -3.75202    -1.36257
2020.2    -8.54784   -11.55664   -18.11608   330.72044   -40.15870   -41.50615
2020.3     3.19091     2.85790    11.32491   -50.85393    26.68723    27.66077
2020.4     0.41188     0.34731     3.18019   -81.28416     7.05986    10.78973
2021.1     0.13968     1.35855    -2.98586    73.48827     2.86652     1.48050
2021.2     2.07028     1.10927     2.82965    89.13621     5.50906     3.52342
2021.3     1.97014     1.38142     1.58441    24.32141     6.17398     5.17325
2021.4     0.79879     2.32866     2.54753   -21.13111     5.74219     5.71935
2022.1     0.28992     2.50587    -0.57260    80.44292     4.49842     2.17548
2022.2     0.64858     1.28985    -0.09353    61.64973     3.18365     1.33472
2022.3     0.27421     1.84795     0.84545    63.00552     3.13601     1.35790
2022.4     0.69064    -0.86678     2.34284    34.50601     1.96404     0.67870
2023.1     1.22616     1.95949     2.41190    -2.95354     1.82785     2.20394
2023.2     1.60594     3.52171    -0.63055     0.32092     0.94342     1.18543
2023.3     1.69602     0.22764     3.12957     7.24624     1.26456     1.22544
2023.4    -0.12125     0.28664     1.54312    38.21936     1.36367     0.19378
2024.1     1.16594     3.31439    -2.62565    34.59715     1.49705     0.28579
2024.2     0.80832     2.15391     0.10324    14.80222     0.84295     0.26725
2024.3     1.92312     1.94541     0.69965    11.27878     1.03151     0.63841
2024.4    -1.23570    -1.36540     2.16789    11.40397     0.35627     0.00272
2025.1     1.03491     0.76114    -1.43620    34.57307     2.05840     0.32806
2025.2     1.17314     0.41904    -0.73918     3.79370     0.00000    -0.08327

2025.3     0.28424     0.05120     0.93171    -1.71940     0.38336     0.45510
2025.4     0.31588     0.16408     0.93085    -1.50383     0.41231     0.46822
2026.1     0.34190     0.25052     0.92261    -1.43595     0.33771     0.39510
2026.2     0.36826     0.33211     0.92082    -1.33371     0.41691     0.46144
2026.3     0.39158     0.39917     0.91725    -1.28101     0.41407     0.45533
2026.4     0.41181     0.45290     0.91119    -1.27630     0.39888     0.44073
2027.1     0.42995     0.49758     0.90449    -1.29292     0.39814     0.44066
2027.2     0.44693     0.53689     0.89898    -1.30740     0.41501     0.45664
2027.3     0.46313     0.57249     0.89532    -1.31155     0.43930     0.47882
2027.4     0.47861     0.60495     0.89345    -1.30527     0.46462     0.50134
@                                                                             
@ Profits and Productivity                                                    
@                                                                             
PRINTVAR FIXEDF LEVELS PCHANGES PIEF PROD100 ;                                
 
          PIEF        PIEF        PROD100     PROD100 
         Level      %Change      Level      %Change 
2019.1   304.98200   -23.73970     7.59388   -99.00000
2019.2   305.95000     1.27564     7.62893     1.85896
2019.3   319.10100    18.33435     7.69455     3.48534
2019.4   337.41700    25.01300     7.75990     3.44072
2020.1   316.48500   -22.59934     7.74652    -0.68796
2020.2   304.61700   -14.17693     8.19774    25.41554
2020.3   478.62000   509.46227     8.26132     3.13859
2020.4   442.49000   -26.94491     8.18013    -3.87366
2021.1   528.90605   104.12693     8.23588     2.75408
2021.2   610.21400    77.17993     8.24208     0.30162
2021.3   594.41358    -9.96192     8.19034    -2.48750
2021.4   580.98900    -8.73237     8.22671     1.78781
2022.1   601.65300    15.00394     8.14367    -3.97671
2022.2   653.40300    39.10417     8.09661    -2.29156
2022.3   614.25600   -21.89603     8.10654     0.49138
2022.4   588.56900   -15.70692     8.16485     2.90870
2023.1   611.00000    16.13826     8.19076     1.27524
2023.2   629.03545    12.34032     8.23747     2.30065
2023.3   660.49300    21.55488     8.31151     3.64399
2023.4   688.50200    18.07228     8.37266     2.97552
2024.1   690.80100     1.34236     8.39886     1.25769
2024.2   715.77500    15.26416     8.44115     2.02947
2024.3   722.05200     3.55422     8.48653     2.16783
2024.4   746.10900    14.00797     8.52591     1.86872
2025.1   748.49800     1.28694     8.47672    -2.28756
2025.2   761.54188     7.15504     8.56556     4.25821

2025.3   786.80869    13.94662     8.63468     3.26715
2025.4   813.92361    14.51384     8.69282     2.72058
2026.1   830.28676     8.28739     8.74748     2.53945
2026.2   849.88011     9.77873     8.80548     2.67845
2026.3   867.83769     8.72349     8.86059     2.52705
2026.4   886.25206     8.76145     8.91493     2.47580
2027.1   905.83469     9.13568     8.96929     2.46147
2027.2   927.63092     9.97781     9.02377     2.45201
2027.3   950.58219    10.27011     9.07814     2.43155
2027.4   974.50258    10.45193     9.13225     2.40598
@                                                                             
@ Some other endogenous variables                                             
@                                                                             
PRINTVAR FIXEDF LEVELS CG SRZ100 SR SGP SSP;                                  
 
          CG          SRZ100      SR          SGP         SSP     
         Level       Level       Level       Level       Level  
2019.1  4678.07200     8.48112   118.67000  -258.92500   -50.17500
2019.2  1194.62200     7.55440   120.29700  -263.87500   -40.37500
2019.3   158.94400     7.09957   112.61200  -266.17500   -54.75000
2019.4  2485.19300     6.93390   102.53300  -254.82500   -62.00000
2020.1 -7688.96400     9.24384   100.59100  -268.07500   -65.50000
2020.2  5776.35100    25.14034   130.72600 -1337.47500    93.30000
2020.3  3391.14800    15.37589   164.70700  -840.75000   -48.85000
2020.4  6369.07700    12.37148   182.96300  -494.50000   -30.62500
2021.1  3381.39100    20.19758   202.62800 -1042.60000   -32.82500
2021.2  3944.39200    10.25976   216.24700  -839.87500   191.25000
2021.3  1087.74800     8.47112   233.16000  -567.62500    48.80000
2021.4  2817.91000     6.40976   234.60300  -388.67500    37.57500
2022.1 -2689.89200     3.36464   286.35300  -224.35000    40.92500
2022.2 -8249.26700     2.19350   269.04200  -227.02500    38.22500
2022.3 -2380.32700     3.17876   233.73900  -263.12500    11.15000
2022.4  1920.95300     3.52119   232.57200  -305.85000    -9.15000
2023.1  2696.82600     4.85584   234.93800  -409.37500   -11.37500
2023.2  2667.93200     5.21077   230.59200  -414.90000   -17.57500
2023.3 -1843.11000     4.71564   230.23300  -419.32500   -23.25000
2023.4  4696.94400     4.65578   226.94800  -422.85000    -9.67500
2024.1  4177.57600     5.55175   245.16600  -436.47500   -13.57500
2024.2   693.55600     5.08644   267.05400  -447.92500   -23.42500
2024.3  3645.61500     4.24037   304.38600  -482.27500   -14.30000
2024.4   325.28500     3.92815   266.80200  -466.77500   -11.47500
2025.1 -2173.86500     4.46808   349.50400  -452.75000   -19.27500
2025.2  5930.00000     4.81399   264.35000  -437.81352   -14.88422

2025.3   785.52961     4.91885   284.08192  -450.14323   -14.81217
2025.4   790.33619     5.01015   302.12229  -465.63927   -15.36524
2026.1   796.36970     5.08321   318.80576  -483.27849   -16.82594
2026.2   803.09196     5.18068   334.60705  -500.10951   -18.44962
2026.3   810.41132     5.27536   349.65727  -517.44151   -20.34241
2026.4   818.25038     5.36186   364.06388  -534.86891   -22.36338
2027.1   826.54920     5.44347   377.99021  -552.15593   -24.42376
2027.2   835.27284     5.52381   391.60085  -569.19114   -26.44748
2027.3   844.40549     5.60377   405.04800  -586.16026   -28.44985
2027.4   853.93897     5.68298   418.42915  -603.16477   -30.42661
@                                                                             
@ Selected exogenous variables                                                
@                                                                             
PRINTVAR FIXEDF PCHANGES COG COS EX TRGH PIM ;                                
 
          COG         COS         EX          TRGH        PIM     
        %Change     %Change     %Change     %Change     %Change 
2019.1     9.62298    17.20753     3.80516    15.25828    -4.60688
2019.2     0.04368    14.91553    -2.02087     3.66165     1.99441
2019.3     6.43733     7.27367     0.09750     2.99591    -4.20477
2019.4     2.86751     5.49828     2.45840     2.29531    -1.13558
2020.1     5.04415    16.83044   -16.05781    10.71017    -1.42101
2020.2    47.66547    25.68220   -61.28229   498.14097   -12.25168
2020.3   -19.30426   -13.03470    60.21872   -71.70824     8.57899
2020.4     1.95116     0.08339    26.76904   -19.19548     3.05163
2021.1    25.26524    -3.81945     0.32274   901.62795    12.01880
2021.2   -11.39759    -6.80422     3.22336   -82.41257    12.80231
2021.3   -10.00869    -4.13141     0.90846    -6.02929     5.94402
2021.4     5.40919    -3.92276    25.51138     1.20910     6.79120
2022.1   -11.73566    -1.26175    -4.62007     3.62068    13.47706
2022.2    -2.71253    -3.03468    12.66824     1.13957    11.62756
2022.3    -0.24689     0.70898    14.50112    -0.97795    -4.70741
2022.4    13.53672     1.59766    -1.13909     7.15413    -4.50115
2023.1     5.54124     2.17058     1.95821     1.28219    -1.56469
2023.2    -1.33253     6.48962    -4.79532     1.06198    -4.56552
2023.3     7.18101     7.60814     4.87039     3.61355     0.07117
2023.4     0.23326     9.17055     6.18239     2.25576    -0.00724
2024.1    -1.35179     2.88217     1.92022    14.68497     2.64378
2024.2     5.64700     3.57590     1.03048     5.45013     2.12739
2024.3    12.62101     4.33979     9.60483     5.11603    -0.20698
2024.4     4.89869     3.34120    -0.15153     5.61855    -0.32243
2025.1    -4.66993     2.86431     0.41015    16.06044     2.14042
2025.2     0.03730     4.59557    -1.76104    15.11382    -0.83479

2025.3     1.00000     1.00000     2.00000     5.67452     5.00000
2025.4     1.00000     1.00000     2.00000     6.26885     5.00000
2026.1     1.00000     1.00000     2.00000     6.59293     5.00000
2026.2     1.00000     1.00000     2.00000     6.84074     5.00000
2026.3     1.00000     1.00000     2.00000     7.09931     5.00000
2026.4     1.00000     1.00000     2.00000     7.28691     5.00000
2027.1     1.00000     1.00000     2.00000     7.45182     5.00000
2027.2     1.00000     1.00000     2.00000     7.60318     5.00000
2027.3     1.00000     1.00000     2.00000     7.74705     5.00000
2027.4     1.00000     1.00000     2.00000     7.88195     5.00000
@                                                                             
@ Federal Government Budget                                                   
@                                                                             
PRINTVAR FIXEDF LEVELS THG TCG IBTG SIG TRFG DG;                              
 
          THG         TCG         IBTG        SIG         TRFG        DG      
         Level       Level       Level       Level       Level       Level  
2019.1   420.47500    49.35000    45.82500   349.00000     8.12500   -16.00000
2019.2   421.67500    51.40000    44.42500   350.87500     8.75000   -18.77500
2019.3   424.95000    51.72500    46.27500   352.57500    12.75000   -13.40000
2019.4   434.05000    57.97500    46.70000   357.05000     8.00000   -15.65000
2020.1   438.80000    47.87500    47.92500   363.30000     8.47500   -18.90000
2020.2   405.52500    49.90000    33.55000   345.92500     9.02500   -20.82500
2020.3   434.15000    64.65000    38.42500   358.25000    10.32500   -25.42500
2020.4   462.35000    62.80000    40.87500   367.55000    11.02500   -21.90000
2021.1   497.17500    72.47500    42.05000   371.80000     9.62500   -19.92500
2021.2   522.37500    85.97500    47.05000   380.62500     9.45000   -25.97500
2021.3   543.40000    86.12500    48.45000   389.75000     9.42500   -30.92500
2021.4   562.00000    89.47500    52.10000   400.87500     9.62500   -32.37500
2022.1   649.35000    94.90000    55.60000   410.72500     9.55000   -33.65000
2022.2   651.07500   104.27500    56.52500   416.47500    12.22500   -27.95000
2022.3   657.07500   100.55000    54.50000   428.30000     9.87500   -10.90000
2022.4   648.92500   101.72500    51.80000   432.47500    12.25000    -3.65000
2023.1   564.07500   108.57500    48.85000   440.30000    10.57500    -0.02500
2023.2   561.70000   107.35000    47.65000   447.47500    10.52500    -0.02500
2023.3   565.12500   112.97500    46.62500   454.50000    12.10000    -0.02500
2023.4   570.55000   116.20000    45.90000   459.05000    11.32500    -0.02500
2024.1   589.02500   114.97500    47.97500   466.02500    13.07500    -0.20000
2024.2   593.85000   123.35000    46.87500   467.35000    11.72500    -1.27500
2024.3   599.67500   123.27500    49.17500   469.10000    14.35000    -0.90000
2024.4   611.80000   128.02500    49.32500   475.80000    20.07500    -0.87500
2025.1   628.70000   129.95000    51.50000   483.65000    16.97500    -1.65000
2025.2   638.27500   131.26148    94.50000   488.67500    16.22500    -1.42500

2025.3   644.15248   133.88953    95.35258   492.27491    16.22500    -1.42500
2025.4   651.12070   136.78052    96.38204   496.36529    16.22500    -1.42500
2026.1   658.54540   138.63295    97.50261   500.66628    16.22500    -1.42500
2026.2   666.72296   140.84309    98.69961   505.60746    16.22500    -1.42500
2026.3   675.30023   142.92343    99.96166   510.83660    16.22500    -1.42500
2026.4   684.20592   145.07555   101.28310   516.32219    16.22500    -1.42500
2027.1   693.44737   147.36837   102.66058   522.09404    16.22500    -1.42500
2027.2   703.04585   149.90555   104.09242   528.17448    16.22500    -1.42500
2027.3   713.00167   152.58002   105.57776   534.55936    16.22500    -1.42500
2027.4   723.30776   155.37226   107.11620   541.23673    16.22500    -1.42500
PRINTVAR FIXEDF LEVELS PUG TRGH TRGR TRGS INTG IGZ;                           
 
          PUG         TRGH        TRGR        TRGS        INTG        IGZ     
         Level       Level       Level       Level       Level       Level  
2019.1   350.80000   561.95000    10.57500   147.80000   135.85000    83.52500
2019.2   352.00000   567.02500     9.57500   152.67500   137.32500    80.02500
2019.3   356.72500   571.22500     9.70000   152.20000   134.95000    83.40000
2019.4   359.97500   574.47500    11.07500   156.25000   131.20000    85.32500
2020.1   364.82500   589.27500    12.05000   158.75000   126.77500    87.27500
2020.2   391.92500   921.55000    15.82500   346.75000   123.07500    91.32500
2020.3   381.62500   672.10000    16.62500   183.72500   121.35000    92.65000
2020.4   384.65000   637.22500    12.52500   189.47500   123.62500    94.50000
2021.1   403.35000  1133.62500    15.50000   194.42500   127.82500    92.72500
2021.2   399.35000   734.12500    13.02500   410.20000   134.70000    93.95000
2021.3   396.25000   722.80000    19.17500   271.40000   142.00000    95.70000
2021.4   404.22500   724.97500    12.32500   234.07500   147.95000    98.02500
2022.1   401.62500   731.45000    14.80000   232.50000   154.15000    98.60000
2022.2   405.52500   733.52500    17.42500   237.85000   166.30000   101.40000
2022.3   410.35000   731.72500    27.32500   239.10000   182.92500   101.37500
2022.4   423.55000   744.47500    22.80000   238.85000   200.32500   106.82500
2023.1   432.90000   746.85000    22.90000   244.42500   209.87500   108.52500
2023.2   435.45000   748.82500    22.12500   241.97500   217.75000   110.55000
2023.3   445.22500   755.50000    22.15000   228.90000   234.30000   111.07500
2023.4   449.05000   759.72500    13.10000   235.35000   245.87500   112.30000
2024.1   452.57500   786.20000    14.52500   235.25000   255.10000   110.72500
2024.2   460.55000   796.70000    14.77500   237.27500   262.45000   113.95000
2024.3   473.35000   806.70000    29.65000   245.40000   267.30000   117.67500
2024.4   481.17500   817.80000    24.25000   245.27500   269.30000   119.45000
2025.1   482.10000   848.82500    14.50000   238.35000   266.60000   121.30000
2025.2   484.67500   879.22500    14.47500   242.87500   270.22500   122.90000

2025.3   487.35205   891.44098    14.47500   243.26412   281.51550   124.00992
2025.4   490.70194   905.09485    14.47500   243.99573   295.55072   125.30544
2026.1   494.42494   919.65766    14.47500   244.91591   310.08813   126.71090
2026.2   498.46955   934.99742    14.47500   245.98232   324.48989   128.20654
2026.3   502.78766   951.16768    14.47500   247.20272   338.85362   129.79825
2026.4   507.34728   968.04104    14.47500   248.53789   353.04670   131.46723
2027.1   512.12824   985.59209    14.47500   249.97623   366.98854   133.20881
2027.2   517.12090  1003.81456    14.47500   251.51140   380.73353   135.02096
2027.3   522.31984  1022.71551    14.47500   253.14054   394.35667   136.90349
2027.4   527.72066  1042.29833    14.47500   254.85994   407.92450   138.85570
@                                                                             
@ State and Local Government Budget                                           
@                                                                             
PRINTVAR FIXEDF LEVELS THS TCS IBTS SIS TRGS DS;                              
 
          THS         TCS         IBTS        SIS         TRGS        DS      
         Level       Level       Level       Level       Level       Level  
2019.1   118.37500    17.95000   336.32500     5.20000   147.80000    -1.62500
2019.2   132.75000    19.20000   340.70000     5.20000   152.67500    -1.62500
2019.3   123.90000    18.52500   347.10000     5.15000   152.20000    -1.57500
2019.4   122.52500    17.57500   346.20000     5.12500   156.25000    -1.67500
2020.1   123.12500    16.12500   345.95000     5.07500   158.75000    -1.57500
2020.2   121.30000    16.60000   324.82500     4.82500   346.75000    -1.57500
2020.3   127.90000    20.37500   350.27500     4.97500   183.72500    -1.47500
2020.4   132.10000    20.60000   355.80000     5.15000   189.47500    -1.60000
2021.1   139.75000    20.77500   362.20000     5.32500   194.42500    -1.62500
2021.2   146.52500    23.42500   384.47500     5.50000   410.20000    -1.57500
2021.3   144.10000    29.82500   388.25000     5.65000   271.40000    -1.55000
2021.4   149.77500    42.02500   398.75000     5.77500   234.07500    -1.62500
2022.1   164.17500    42.70000   405.50000     5.85000   232.50000    -1.75000
2022.2   173.27500    39.40000   415.42500     5.77500   237.85000    -1.62500
2022.3   149.15000    39.77500   421.55000     5.67500   239.10000    -1.55000
2022.4   151.90000    40.55000   423.80000     5.45000   238.85000    -1.62500
2023.1   144.50000    39.67500   429.02500     5.20000   244.42500    -1.77500
2023.2   145.40000    40.60000   431.95000     5.12500   241.97500    -1.80000
2023.3   151.37500    41.47500   435.62500     5.30000   228.90000    -1.65000
2023.4   153.02500    41.72500   440.75000     5.70000   235.35000    -1.72500
2024.1   152.37500    42.60000   444.90000     6.25000   235.25000    -1.75000
2024.2   157.50000    41.00000   450.32500     6.67500   237.27500    -1.72500
2024.3   163.87500    40.65000   453.40000     6.87500   245.40000    -1.67500
2024.4   167.62500    41.05000   460.25000     6.90000   245.27500    -1.72500
2025.1   169.40000    43.67500   466.32500     6.75000   238.35000    -1.92500
2025.2   172.77500    44.11578   471.47500     6.77500   242.87500    -1.67500

2025.3   174.36598    44.96959   475.72867     6.81003   243.26412    -1.67500
2025.4   176.25221    45.88585   480.86477     6.84529   243.99573    -1.67500
2026.1   178.26201    46.43879   486.45550     6.88078   244.91591    -1.67500
2026.2   180.47559    47.10089   492.42752     6.91650   245.98232    -1.67500
2026.3   182.79738    47.70771   498.72406     6.95245   247.20272    -1.67500
2026.4   185.20807    48.32997   505.31693     6.98863   248.53789    -1.67500
2027.1   187.70964    48.99170   512.18941     7.02505   249.97623    -1.67500
2027.2   190.30786    49.72823   519.33306     7.06170   251.51140    -1.67500
2027.3   193.00280    50.50380   526.74363     7.09859   253.14054    -1.67500
2027.4   195.79256    51.31211   534.41917     7.13573   254.85994    -1.67500
PRINTVAR FIXEDF LEVELS PUS TRSH UB INTS SUBS ISZ;                             
 
          PUS         TRSH        UB          INTS        SUBS        ISZ     
         Level       Level       Level       Level       Level       Level  
2019.1   574.95000   164.17500     7.40000    55.95000     3.75000   107.50000
2019.2   588.30000   168.47500     6.82500    57.32500     4.07500   111.72500
2019.3   597.00000   170.77500     6.60000    57.60000     3.67500   111.80000
2019.4   606.27500   170.57500     6.67500    56.80000     2.60000   110.70000
2020.1   620.92500   167.60000    10.02500    54.95000     1.47500   114.47500
2020.2   614.55000   179.95000   237.87500    53.62500     1.80000   112.80000
2020.3   618.77500   189.27500   200.00000    53.10000     3.27500   112.15000
2020.4   622.35000   186.20000    80.67500    53.07500     2.30000   113.62500
2021.1   633.55000   192.85000   145.95000    53.70000     5.17500   112.87500
2021.2   643.15000   203.20000   110.20000    53.10000     7.52500   111.47500
2021.3   657.25000   205.05000    53.20000    51.20000     4.87500   111.07500
2021.4   666.35000   204.32500     7.95000    48.10000     3.70000   112.37500
2022.1   681.52500   216.25000     6.12500    43.67500     2.25000   116.07500
2022.2   703.87500   225.00000     5.42500    41.37500     2.50000   117.97500
2022.3   709.67500   230.15000     5.77500    41.20000     3.42500   121.10000
2022.4   717.65000   245.92500     6.47500    43.42500     5.22500   123.90000
2023.1   723.25000   242.45000     7.52500    48.25000     6.65000   127.42500
2023.2   726.02500   249.30000     8.17500    51.17500     7.62500   132.35000
2023.3   743.87500   238.67500     8.67500    52.65000     8.15000   138.27500
2023.4   754.75000   236.37500     8.82500    52.32500     8.17500   146.07500
2024.1   767.67500   249.25000     8.72500    50.37500     8.22500   149.50000
2024.2   775.22500   254.82500     8.72500    48.75000     8.22500   151.30000
2024.3   785.40000   258.77500     8.92500    47.32500     8.17500   154.15000
2024.4   793.75000   260.55000     9.02500    46.22500     8.17500   156.27500
2025.1   805.37500   263.57500     8.95000    45.45000     8.30000   158.42500
2025.2   812.75000   269.65000     9.17500    44.42500     8.57500   160.87500

2025.3   817.46560   272.74324     9.00000    44.72415     8.57500   161.93244
2025.4   823.33544   276.25905     9.00000    45.89014     8.57500   163.22552
2026.1   829.84554   280.03326     9.00000    47.60435     8.57500   164.65423
2026.2   836.90773   284.02388     9.00000    49.66273     8.57500   166.19189
2026.3   844.44205   288.24550     9.00000    51.93448     8.57500   167.84531
2026.4   852.39268   292.65788     9.00000    54.33366     8.57500   169.58936
2027.1   860.72517   297.25193     9.00000    56.80604     8.57500   171.41735
2027.2   869.42322   302.02436     9.00000    59.31818     8.57500   173.32602
2027.3   878.47772   306.97594     9.00000    61.85006     8.57500   175.31450
2027.4   887.88132   312.10630     9.00000    64.38977     8.57500   177.38127
@                                                                             
@ Financial Saving of the Six Sectors                                         
@                                                                             
PRINTVAR FIXEDF LEVELS SH SF SB SR SG SS;                                     
 
          SH          SF          SB          SR          SG          SS      
         Level       Level       Level       Level       Level       Level  
2019.1   249.41700   -34.40300    38.46500   118.67000  -278.63300   -69.94000
2019.2   212.87400   -23.23700    26.73200   120.29700  -282.54200   -62.59900
2019.3   194.95500   -12.78000    28.15100   112.61200  -288.10800   -76.02800
2019.4   190.89600    28.98700    16.92800   102.53300  -294.21400   -81.43000
2020.1   280.84100     0.55100     9.00500   100.59100  -296.86800   -87.34600
2020.2  1049.73400    77.50600    -2.14300   130.72600 -1368.03500    74.56200
2020.3   560.05200    98.44600     5.29800   164.70700  -869.48200   -65.99600
2020.4   408.75800    -0.71000     8.12800   182.96300  -524.97300   -49.26600
2021.1   894.68800    47.94300    28.85900   202.62800 -1118.67500   -49.39200
2021.2   338.57100    91.46700    30.05800   216.24700  -863.78600   178.49300
2021.3   273.04200    43.37300     7.42700   233.16000  -592.91000    40.88200
2021.4   166.45900   -46.74800    24.89100   234.60300  -417.12300    28.49500
2022.1    23.16100  -195.49100    55.16700   286.35300  -167.53800    31.79800
2022.2   -22.10600   -67.60100    42.50900   269.04200  -341.11400   144.52100
2022.3    70.70600     4.78000     7.47700   233.73900  -292.96900    20.46800
2022.4    79.24200   -19.53300    27.71200   232.57200  -356.26700     3.07400
2023.1   147.87400    -9.79100    99.69100   234.93800  -502.73400   -21.42900
2023.2   234.68800    -4.25000    61.77600   230.59200  -550.21100   -30.21800
2023.3   196.75900     4.58400    64.88700   230.23300  -542.59300   -40.32000
2023.4   156.34400    29.71700    59.24800   226.94800  -493.01600   -34.34200
2024.1   200.38000   -10.62300    75.30800   245.16600  -502.81200   -40.19400
2024.2   178.75800   -15.07700    87.78500   267.05400  -518.07700   -50.69100
2024.3   145.22100    -2.02000    73.12200   304.38600  -560.31700   -41.84100
2024.4   130.99300    57.55800    92.02000   266.80200  -562.00400   -19.29400
2025.1   163.05300   -37.18500    73.57200   349.50400  -523.42800   -46.21700
2025.2   169.36155    23.54544    73.00355   264.35000  -477.99232   -72.99422

2025.3   174.70060    21.47909    72.01781   284.08192  -490.49449   -73.41093
2025.4   178.09227    27.75966    71.12631   302.12229  -506.19226   -74.53427
2026.1   179.55028    30.40420    70.27759   318.80576  -524.05053   -76.61330
2026.2   181.80319    32.52296    69.45021   334.60705  -541.11480   -78.89462
2026.3   183.64063    36.59951    68.65862   349.65727  -558.69510   -81.48692
2026.4   184.79104    42.26310    67.87988   364.06388  -576.38295   -84.24097
2027.1   185.43880    48.84395    67.10873   377.99021  -593.94180   -87.06589
2027.2   185.80211    55.77416    66.34148   391.60085  -611.25991   -89.88470
2027.3   185.97169    63.01373    65.57612   405.04800  -628.52296   -92.71259
2027.4   185.95235    70.55999    64.80979   418.42915  -645.83232   -95.54497