Forecasts of Selected Variables: January 31, 2025
@            Actual and Forecast Values for Selected Variables                
@                                                                             
@ Real GDP and its Endogenous Components                                      
@                                                                             
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  5882.75000     2.25120  2684.90000     3.14816   864.67500     3.76380

2025.1  5935.12175     3.60888  2705.33682     3.07964   868.91425     1.97555
2025.2  5980.31904     3.08106  2726.04123     3.09659   872.56135     1.68952
2025.3  6024.88462     3.01430  2747.25107     3.14869   876.30904     1.72912
2025.4  6067.47908     2.85803  2768.98292     3.20190   880.29652     1.83258
2026.1  6109.27030     2.78369  2790.97637     3.21517   884.51359     1.93002
2026.2  6151.76237     2.81130  2813.12307     3.21202   888.93281     2.01352
2026.3  6195.28643     2.86020  2835.47432     3.21622   893.54050     2.08953
2026.4  6239.95095     2.91511  2858.08938     3.22867   898.32855     2.16069
2027.1  6285.88324     2.97707  2880.98646     3.24324   903.28681     2.22612
2027.2  6333.06315     3.03625  2904.16549     3.25725   908.40310     2.28496
2027.3  6381.42289     3.08959  2927.62667     3.27075   913.66538     2.33737
2027.4  6430.88492     3.13661  2951.36789     3.28342   919.06191     2.38360
 
          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   707.07035    11.02476
2023.3   497.62500     4.18555   156.39284     6.97123   709.66660     1.47685
2023.4   501.12500     2.84318   157.26519     2.24994   717.31376     4.38045
2024.1   498.92500    -1.74452   163.69974    17.39823   723.21562     3.33193
2024.2   505.57500     5.43900   162.36981    -3.21031   731.66061     4.75325
2024.3   514.95000     7.62617   160.70081    -4.04863   738.39545     3.73309
2024.4   529.80000    12.04373   162.78492     5.28933   734.26404    -2.21933

2025.1   533.02703     2.45877   164.60071     4.53704   744.16981     5.50648
2025.2   536.58680     2.69824   166.71813     5.24573   754.92120     5.90545
2025.3   540.54952     2.98690   168.35245     3.97920   765.91896     5.95581
2025.4   544.96059     3.30431   170.02153     4.02504   773.31839     3.92070
2026.1   549.78834     3.59093   172.04283     4.84088   780.76851     3.90963
2026.2   555.00744     3.85158   174.31621     5.39131   787.84473     3.67484
2026.3   560.62214     4.10839   176.72350     5.63943   794.87783     3.61891
2026.4   566.64411     4.36636   179.26393     5.87526   801.91170     3.58686
2027.1   573.07789     4.61961   181.95648     6.14473   809.05069     3.60882
2027.2   579.92192     4.86329   184.78140     6.35622   816.37429     3.67030
2027.3   587.17310     5.09608   187.70498     6.48054   823.90336     3.74038
2027.4   594.82776     5.31744   190.70421     6.54618   831.64215     3.81040
 
          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   924.97500    -0.80674

2025.1   931.52419     2.86238
2025.2   938.39209     2.98188
2025.3   945.45000     3.04263
2025.4   952.51582     3.02308
2026.1   959.52576     2.97641
2026.2   966.53658     2.95481
2026.3   973.61916     2.96349
2026.4   980.83666     2.99836
2027.1   988.24458     3.05546
2027.2   995.88549     3.12877
2027.3  1003.78707     3.21166
2027.4  1011.96519     3.29895
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     1.10000

2025.1    14.03796
2025.2    16.92807
2025.3    18.37813
2025.4    20.13132
2026.1    19.71387
2026.2    19.37361
2026.3    19.20227
2026.4    19.21112
2027.1    19.39936
2027.2    19.70357
2027.3    20.08293
2027.4    20.49456
@                                                                             
@ Prices and Wages                                                            
@                                                                             
PRINTVAR FIXEDF PCHANGES GDPD PF WF WR ;                                      
 
          GDPD        PF          WF          WR      
        %Change     %Change     %Change     %Change 
2019.1     1.20202     1.36383     8.45080     6.99162
2019.2     2.08535     2.63170     1.39412    -1.20585
2019.3     1.27905     0.81494     1.63924     0.81764
2019.4     1.25051     1.55745     6.83285     5.19449
2020.1     1.85852     0.55151    11.88369    11.27003
2020.2    -1.46897    -1.50257    34.44789    36.49888
2020.3     3.55016     3.10759    -5.32049    -8.17406
2020.4     2.74449     2.37904     3.45971     1.05556
2021.1     5.49405     5.67109    -0.01307    -5.37911
2021.2     6.00770     4.72349     8.93957     4.02592
2021.3     6.31843     7.12666     4.18537    -2.74562
2021.4     6.96476     7.85731     4.14025    -3.44628
2022.1     8.38258     8.43442    -1.15843    -8.84669
2022.2     9.38980     9.91221     2.87381    -6.40366
2022.3     4.58409     4.85470     8.11168     3.10618
2022.4     3.74312     4.09973     2.62661    -1.41511
2023.1     3.69293     4.44568     3.52585    -0.88068
2023.2     1.83153     2.69477     5.93304     3.15330
2023.3     3.20578     3.67485     4.35528     0.65632
2023.4     1.55269     1.90312     4.77356     2.81683
2024.1     3.02561     3.30054     7.55602     4.11951
2024.2     2.53950     2.52467     2.00289    -0.50893
2024.3     1.89411     1.66678     1.96468     0.29301
2024.4     2.18062     1.79217     4.59159     2.75013

2025.1     1.29517     1.08304     3.28009     2.17352
2025.2     1.45796     1.28717     3.46956     2.15465
2025.3     1.74540     1.59292     3.75786     2.13099
2025.4     1.98357     1.81963     3.96854     2.11051
2026.1     2.10940     1.95371     4.08862     2.09400
2026.2     2.18326     2.02875     4.15111     2.08016
2026.3     2.22554     2.07498     4.18565     2.06776
2026.4     2.25872     2.11225     4.21165     2.05598
2027.1     2.29571     2.15346     4.24172     2.04424
2027.2     2.34137     2.20417     4.28124     2.03228
2027.3     2.39807     2.26642     4.33217     2.01997
2027.4     2.46529     2.33954     4.39382     2.00733
@                                                                             
@ Interest Rates and Money                                                    
@                                                                             
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  4214.55900    -3.98495
2019.2     2.30000     3.59333     4.00333  4313.89200     9.76617
2019.3     1.98000     3.10000     3.66667  4438.06900    12.02092
2019.4     1.57667     3.02667     3.70333  4529.69400     8.51737
2020.1     1.11000     2.91333     3.51333  5363.46800    96.56551
2020.2     0.14333     2.45667     3.23333  6093.82700    66.63941
2020.3     0.11333     2.23333     2.95000  6318.76400    15.60272
2020.4     0.09333     2.30333     2.76000  7492.86100    97.72526
2021.1     0.05000     2.73000     2.87667  8020.94500    31.31413
2021.2     0.02667     2.88333     3.00000  8427.49400    21.86855
2021.3     0.04667     2.55000     2.87000  8806.25000    19.22580
2021.4     0.05333     2.64667     3.08000  9037.98300    10.94865
2022.1     0.30667     3.20333     3.79333  9287.65300    11.51617
2022.2     1.07667     4.04333     5.24333  9525.18800    10.62933
2022.3     2.66333     4.24000     5.58000  9610.26500     3.62087
2022.4     4.04000     4.81000     6.69000  9410.04800    -8.07664
2023.1     4.62667     4.52000     6.35667  9393.54900    -0.69949
2023.2     5.07333     4.59667     6.49333  9333.71100    -2.52380
2023.3     5.29000     4.91333     7.03667  9173.46900    -6.69241
2023.4     5.28333     5.21000     7.29333  9165.31000    -0.35529
2024.1     5.23333     4.97000     6.74667  9490.32000    14.95683
2024.2     5.24333     5.22000     6.99000  9427.33700    -2.62831
2024.3     4.99000     4.89000     6.51000  9569.82500     6.18419
2024.4     4.40000     5.09667     6.65333  9730.79722     6.90000

2025.1     4.51612     5.32051     6.76986  9755.73358     1.02900
2025.2     4.81480     5.54886     7.00211  9783.21520     1.13156
2025.3     4.91440     5.70774     7.17491  9817.95794     1.42809
2025.4     4.90508     5.82975     7.28346  9859.78436     1.71500
2026.1     4.91752     5.95069     7.37961  9906.09869     1.89220
2026.2     4.95292     6.06994     7.47602  9955.48042     2.00895
2026.3     4.97823     6.17867     7.56245 10007.33144     2.09965
2026.4     4.99246     6.27735     7.63646 10061.54318     2.18455
2027.1     5.00960     6.37051     7.70368 10118.16583     2.27013
2027.2     5.03501     6.46024     7.76828 10177.32218     2.35921
2027.3     5.06711     6.54684     7.83128 10239.21301     2.45478
2027.4     5.10486     6.63079     7.89317 10304.04742     2.55695
@                                                                             
@ Unemployment Rate and Unemployment                                          
@                                                                             
PRINTVAR FIXEDF LEVELS UR100 U;                                               
 
          UR100       U       
         Level       Level  
2019.1     3.85257     6.31075
2019.2     3.65352     5.98154
2019.3     3.61812     5.96064
2019.4     3.56866     5.90619
2020.1     3.83598     6.34230
2020.2    13.00368    20.76051
2020.3     8.81244    14.27041
2020.4     6.74972    10.96435
2021.1     6.24799    10.12940
2021.2     5.91022     9.62811
2021.3     5.09936     8.33884
2021.4     4.20909     6.91374
2022.1     3.83768     6.31205
2022.2     3.65262     6.01496
2022.3     3.55294     5.86300
2022.4     3.58638     5.92878
2023.1     3.50660     5.82263
2023.2     3.54520     5.90505
2023.3     3.67584     6.14785
2023.4     3.77382     6.31946
2024.1     3.80080     6.36933
2024.2     3.96514     6.65867
2024.3     4.16783     7.02300
2024.4     4.15196     6.99300

2025.1     3.90911     6.59170
2025.2     3.74486     6.32406
2025.3     3.63882     6.15537
2025.4     3.58254     6.07127
2026.1     3.56309     6.04988
2026.2     3.56459     6.06439
2026.3     3.57584     6.09581
2026.4     3.58977     6.13210
2027.1     3.60182     6.16547
2027.2     3.60966     6.19192
2027.3     3.61247     6.21000
2027.4     3.61033     6.21979
@                                                                             
@ Labor Force and Employment                                                  
@                                                                             
PRINTVAR FIXEDF PCHANGES L1 L2 L3 LM JF E;                                    
 
          L1          L2          L3          LM          JF          E       
        %Change     %Change     %Change     %Change     %Change     %Change 
2019.1     2.35555     0.13521     1.84140   -12.55079     0.83618     1.43593
2019.2    -1.61765    -0.35999     1.26961    15.31423     1.15220     0.61239
2019.3     0.54194     1.80718     4.95538   -26.88737     1.43274     2.65128
2019.4     1.41884     4.07915     0.44493   -19.56449     1.08886     2.04208
2020.1    -0.15103    -0.35681    -0.64813   -35.84158    -3.69292    -1.48288
2020.2    -8.66691   -11.66264   -18.21420   210.66746   -40.20540   -41.57622
2020.3     3.05858     2.73488    11.18779   -41.91618    26.64335    27.50335
2020.4     0.28343     0.22737     3.05371   -74.50138     6.76821    10.65408
2021.1     0.01172     1.23743    -3.10472    85.15260     3.32382     1.35672
2021.2     1.93972     0.98848     2.70363    62.22967     5.31301     3.39705
2021.3     1.83955     1.26036     1.46037    28.93338     6.37126     5.04484
2021.4     0.66958     2.20632     2.42103   -12.99067     5.75828     5.58989
2022.1     0.16157     2.38341    -0.69529    57.35616     4.29168     2.05060
2022.2     0.51976     1.16891    -0.21665    51.49312     3.22108     1.21088
2022.3     0.14587     1.72636     0.72155    59.69863     3.44038     1.23432
2022.4     0.56164    -0.98502     2.21771    18.69529     1.41635     0.55594
2023.1     1.09657     1.83783     2.28561     7.01686     2.16814     2.07912
2023.2     1.47592     3.39818    -0.75273     9.60561     1.34373     1.06205
2023.3     1.57302     0.10817     2.97915    12.55578     1.55693     1.09563
2023.4    -0.22348     0.16713     1.42531    42.78852     1.95299     0.08333
2024.1     1.04360     3.19121    -2.70700    29.91488     1.55957     0.18093
2024.2     0.67731     2.03219     0.00656    19.25200     1.23923     0.15433
2024.3     1.79045     1.82397     0.58093    14.90571     1.33440     0.51684
2024.4    -1.36124    -1.48275     2.04246    17.30813     0.83467    -0.11871

2025.1     0.28678    -0.04223     1.05819    -7.12519     1.00995     1.48041
2025.2     0.35273     0.18438     1.14209    -5.40752     0.93922     1.27148
2025.3     0.40153     0.34454     1.19683    -4.17374     0.87423     1.11286
2025.4     0.43681     0.45359     1.22794    -3.34149     0.78102     0.96184
2026.1     0.46213     0.52604     1.24164    -2.80321     0.69872     0.84439
2026.2     0.48124     0.57604     1.24539    -2.44019     0.65937     0.78051
2026.3     0.49673     0.61306     1.24437    -2.17038     0.65491     0.75624
2026.4     0.51021     0.64300     1.24187    -1.94323     0.67477     0.75796
2027.1     0.52276     0.66958     1.24001    -1.72767     0.71258     0.77749
2027.2     0.53494     0.69473     1.23995    -1.50879     0.76080     0.80675
2027.3     0.54698     0.71922     1.24207    -1.28202     0.81354     0.83996
2027.4     0.55893     0.74322     1.24637    -1.04845     0.86686     0.87350
@                                                                             
@ Profits and Productivity                                                    
@                                                                             
PRINTVAR FIXEDF LEVELS PCHANGES PIEF PROD100 ;                                
 
          PIEF        PIEF        PROD100     PROD100 
         Level      %Change      Level      %Change 
2019.1   304.98200   -23.73970     7.59453   -99.00000
2019.2   305.95000     1.27564     7.62800     1.77462
2019.3   319.10100    18.33435     7.69483     3.55076
2019.4   337.41700    25.01300     7.76040     3.45247
2020.1   316.48500   -22.59934     7.76164     0.06388
2020.2   304.61700   -14.17693     8.20166    24.67904
2020.3   478.62000   509.46227     8.25596     2.67449
2020.4   442.49000   -26.94491     8.17588    -3.82368
2021.1   528.90605   104.12693     8.23697     3.02231
2021.2   610.21400    77.17993     8.24602     0.44048
2021.3   594.41358    -9.96192     8.18577    -2.89081
2021.4   580.98900    -8.73237     8.22201     1.78259
2022.1   601.65300    15.00394     8.13748    -4.04963
2022.2   653.40300    39.10417     8.09821    -1.91640
2022.3   614.25600   -21.89603     8.10045     0.11112
2022.4   588.56900   -15.70692     8.16469     3.20996
2023.1   611.00000    16.13826     8.18251     0.87570
2023.2   629.03545    12.34032     8.23786     2.73362
2023.3   660.49300    21.55488     8.29427     2.76708
2023.4   688.50300    18.07297     8.35134     2.78099
2024.1   690.80200     1.34236     8.36307     0.56297
2024.2   715.77500    15.26349     8.40428     1.98544
2024.3   722.56300     3.84767     8.44246     1.82982
2024.4   728.64089     3.40732     8.47453     1.52798

2025.1   768.94127    24.02766     8.53571     2.91924
2025.2   806.59575    21.07404     8.58956     2.54774
2025.3   844.85088    20.36397     8.64321     2.52161
2025.4   870.72079    12.82243     8.69582     2.45715
2026.1   887.14953     7.76349     8.74851     2.44565
2026.2   905.44512     8.50787     8.80209     2.47231
2026.3   925.64631     9.22744     8.85627     2.48511
2026.4   947.07151     9.58492     8.91074     2.48323
2027.1   969.80309     9.95201     8.96535     2.47376
2027.2   993.72889    10.23954     9.01990     2.45642
2027.3  1018.79926    10.47979     9.07430     2.43423
2027.4  1044.98857    10.68574     9.12849     2.41011
@                                                                             
@ Some other endogenous variables                                             
@                                                                             
PRINTVAR FIXEDF LEVELS CG SRZ100 SR SGP SSP;                                  
 
          CG          SRZ100      SR          SGP         SSP     
         Level       Level       Level       Level       Level  
2019.1  4874.83600     8.48112   118.67000  -258.92500   -50.17500
2019.2  1220.36500     7.55440   120.29700  -263.87500   -40.37500
2019.3   166.40700     7.09957   112.61200  -266.17500   -54.75000
2019.4  2515.82000     6.93390   102.53300  -254.82500   -62.00000
2020.1 -7714.52000     9.24384   100.59100  -268.07500   -65.50000
2020.2  5744.08800    25.14034   130.72600 -1337.47500    93.30000
2020.3  3411.71300    15.37589   164.70700  -840.75000   -48.85000
2020.4  6389.25200    12.37148   182.96300  -494.50000   -30.62500
2021.1  3115.27000    20.19758   202.62800 -1042.60000   -32.82500
2021.2  3738.14900    10.25976   216.24700  -839.87500   191.25000
2021.3   872.02400     8.47112   233.16000  -567.62500    48.80000
2021.4  2290.45900     6.40976   234.60300  -388.67500    37.57500
2022.1 -2363.45200     3.36464   286.35300  -224.35000    40.92500
2022.2 -8179.19300     2.19350   269.04200  -227.02500    38.22500
2022.3 -2347.45700     3.17876   233.73900  -263.12500    11.15000
2022.4  1714.71400     3.52119   232.57200  -305.85000    -9.15000
2023.1  2826.22600     4.85584   234.93800  -409.37500   -11.37500
2023.2  2608.16600     5.21077   230.59200  -414.90000   -17.57500
2023.3 -1811.85700     4.71564   230.23300  -419.32500   -23.25000
2023.4  4234.57100     4.65578   226.94800  -422.85000    -9.67500
2024.1  3863.23700     5.55175   245.16600  -436.47500   -13.57500
2024.2   606.72300     5.08644   267.05700  -447.92500   -23.42500
2024.3  4435.23500     4.45833   304.34900  -480.15000   -14.30000
2024.4  1192.00000     4.20973   298.37500  -472.23308   -16.87981

2025.1   773.21946     3.74332   304.74180  -468.09103    10.37943
2025.2   779.34203     4.03910   310.07700  -482.34055    10.70368
2025.3   785.90837     4.30437   315.69184  -497.43075    11.04631
2025.4   793.12712     4.50430   321.49975  -513.37700    11.41741
2026.1   800.85880     4.65832   327.50577  -530.12618    11.80717
2026.2   808.93170     4.79701   333.52546  -546.77412    12.20325
2026.3   817.23622     4.93025   339.61777  -563.51606    12.60263
2026.4   825.71939     5.05924   345.77892  -580.33629    13.00436
2027.1   834.36660     5.18590   352.03017  -597.22801    13.40795
2027.2   843.18928     5.31097   358.36272  -614.20889    13.81358
2027.3   852.21081     5.43404   364.80475  -631.32721    14.22252
2027.4   861.45983     5.55467   371.36810  -648.64500    14.63577
@                                                                             
@ 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     3.66709     2.31380    -0.77102     5.81241     0.31066

2025.1     2.00000     2.00000     1.66882    -0.67147     1.08249
2025.2     2.00000     2.00000     2.90204     6.47045     1.28738
2025.3     2.00000     2.00000     3.00657     6.63898     1.59435
2025.4     2.00000     2.00000     3.02383     6.60235     1.81641
2026.1     2.00000     2.00000     2.98818     6.58231     1.95405
2026.2     2.00000     2.00000     2.95242     6.70051     2.02958
2026.3     2.00000     2.00000     2.95046     6.82097     2.07576
2026.4     2.00000     2.00000     2.98050     6.94154     2.11067
2027.1     2.00000     2.00000     3.03767     7.07837     2.15547
2027.2     2.00000     2.00000     3.11665     7.21829     2.20300
2027.3     2.00000     2.00000     3.21014     7.35847     2.26700
2027.4     2.00000     2.00000     3.31133     7.49769     2.34022
@                                                                             
@ 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   600.02500   123.27500    49.17500   470.87500    14.35000    -0.90000
2024.4   609.12500   123.86692    49.35000   476.80000    20.07500    -0.87500

2025.1   616.30873   127.96225    49.82517   481.86140    20.07500    -0.87500
2025.2   624.10636   131.82182    50.32697   486.90305    20.07500    -0.87500
2025.3   632.47545   135.77841    50.88152   492.24455    20.07500    -0.87500
2025.4   641.11773   138.56122    51.48218   497.75855    20.07500    -0.87500
2026.1   649.93772   140.44251    52.11504   503.39023    20.07500    -0.87500
2026.2   658.94247   142.51691    52.77111   509.17497    20.07500    -0.87500
2026.3   668.15971   144.78413    53.44766   515.13370    20.07500    -0.87500
2026.4   677.59408   147.17666    54.14462   521.28508    20.07500    -0.87500
2027.1   687.26937   149.70313    54.86318   527.65557    20.07500    -0.87500
2027.2   697.20891   152.35389    55.60470   534.26593    20.07500    -0.87500
2027.3   707.43571   155.12572    56.37117   541.13187    20.07500    -0.87500
2027.4   717.97027   158.01770    57.16440   548.26486    20.07500    -0.87500
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   480.50000   818.17500    24.27500   245.27500   269.47500   119.55000

2025.1   484.25936   816.79808    24.27500   246.06535   280.27560   120.82480
2025.2   488.28135   829.70170    24.27500   246.95737   295.24553   122.16222
2025.3   492.69836   843.14248    24.27500   248.02799   311.06867   123.60183
2025.4   497.42228   856.72743    24.27500   249.24890   326.55461   125.13153
2026.1   502.35171   870.49033    24.27500   250.55304   341.86082   126.71922
2026.2   507.41836   884.71946    24.27500   251.90954   357.00748   128.35026
2026.3   512.58948   899.43485    24.27500   253.29958   372.25808   130.01573
2026.4   517.85552   914.65291    24.27500   254.71795   387.54885   131.71350
2027.1   523.22404   930.42582    24.27500   256.16742   402.87248   133.44551
2027.2   528.70813   946.77979    24.27500   257.65389   418.24087   135.21537
2027.3   534.32570   963.73593    24.27500   259.18488   433.69785   137.02768
2027.4   540.09359   981.31364    24.27500   260.76773   449.29935   138.88707
@                                                                             
@ 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   166.00000    40.84519   460.70000     6.90000   245.27500    -1.67500

2025.1   167.95772    42.13941   465.13590     6.93572   246.06535    -1.67500
2025.2   170.08275    43.34866   469.82034     6.97167   246.95737    -1.67500
2025.3   172.36351    44.57720   474.99726     7.00785   248.02799    -1.67500
2025.4   174.71872    45.40799   480.60470     7.04427   249.24890    -1.67500
2026.1   177.12237    45.93559   486.51265     7.08093   250.55304    -1.67500
2026.2   179.57636    46.52314   492.63732     7.11783   251.90954    -1.67500
2026.3   182.08826    47.17189   498.95314     7.15497   253.29958    -1.67500
2026.4   184.65933    47.85995   505.45952     7.19235   254.71795    -1.67500
2027.1   187.29606    48.58996   512.16747     7.22998   256.16742    -1.67500
2027.2   190.00481    49.35832   519.08985     7.26785   257.65389    -1.67500
2027.3   192.79184    50.16344   526.24511     7.30597   259.18488    -1.67500
2027.4   195.66274    51.00450   533.65021     7.34434   260.76773    -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   793.67500   263.77500     9.02500    46.30000     8.17500   155.52500

2025.1   799.96408   240.41621     9.00000    46.32793     8.17500   157.18341
2025.2   806.68263   243.23735     9.00000    47.19582     8.17500   158.92329
2025.3   814.04373   245.86219     9.00000    48.57846     8.17500   160.79611
2025.4   821.90429   248.02631     9.00000    50.26896     8.17500   162.78613
2026.1   830.09639   249.86097     9.00000    52.14348     8.17500   164.85159
2026.2   838.50887   251.80036     9.00000    54.12270     8.17500   166.97343
2026.3   847.08830   253.90778     9.00000    56.15259     8.17500   169.14008
2026.4   855.81938   256.20518     9.00000    58.19825     8.17500   171.34874
2027.1   864.71403   258.72715     9.00000    60.23907     8.17500   173.60194
2027.2   873.79430   261.48955     9.00000    62.26323     8.17500   175.90440
2027.3   883.08909   264.50539     9.00000    64.26412     8.17500   178.26207
2027.4   892.62604   267.78434     9.00000    66.23855     8.17500   180.68099
@                                                                             
@ 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    -4.24900    61.77500   230.59200  -550.21100   -30.21800
2023.3   196.75900     4.58500    64.88600   230.23300  -542.59300   -40.32000
2023.4   156.40100    29.71900    59.24600   226.94800  -493.07300   -34.34200
2024.1   200.43900   -10.61100    75.29600   245.16600  -502.87100   -40.19400
2024.2   178.81500   -15.07900    87.78300   267.05700  -518.13400   -50.69100
2024.3   157.37400    -0.91900    71.86200   304.34900  -558.24900   -41.84100
2024.4   127.31820    18.02386    72.05884   298.37500  -511.67709   -71.54781

2025.1   101.25370    24.10244    71.39447   304.74180  -507.97728   -45.08913
2025.2   116.62984    39.26322    70.73667   310.07700  -522.68356   -45.59718
2025.3   131.24389    55.76849    70.10959   315.69184  -538.25172   -46.13608
2025.4   142.25374    66.54847    69.51088   321.49975  -554.69572   -46.69112
2026.1   150.09971    71.12258    68.91431   327.50577  -571.95774   -47.25862
2026.2   156.64553    76.91911    68.31231   333.52546  -589.13153   -47.84487
2026.3   162.61755    83.35257    67.69836   339.61777  -606.41104   -48.44920
2026.4   168.06896    90.35981    67.07055   345.77892  -623.78043   -49.07181
2027.1   173.07713    97.83757    66.42871   352.03017  -641.23336   -49.71422
2027.2   177.71990   105.73600    65.77379   358.36272  -658.78833   -50.37808
2027.3   182.02534   114.04831    65.10661   364.80475  -676.49464   -51.06437
2027.4   186.00263   122.81696    64.42811   371.36810  -694.41536   -51.77442