In a typical year, how accurate are forecasts of inflation and real GDP?

Question

Quizplus · Accepted Answer

Forecasts of inflation and real GDP are typically within 3/4 of 1 percentage point. While there can be some variation from year to year, forecasters generally have access to a significant amount of data and have developed solid models to make predictions. However, unexpected events or changes in economic conditions can still lead to deviations from forecasted outcomes.

In a Typical Year, How Accurate Are Forecasts of Inflation