The economy should perform better this year than last and growth is seen improving next year too, according to participants in the Federal Reserve Bank of Chicago's 20th annual Automotive Outlook Symposium.

Real gross domestic product is seen growing 2.3% this year, up from 1.7% last year, and 2.9% next year, according to the 25 individuals provided a consensus outlook.

Inflation, as measured by the Consumer Price Index, is seen dipping from 1.9% last year to 1.8% this year, before rising to 2.0% next year.

The unemployment rate is expected to drop from 7.8% in the fourth quarter of 2012, to 7.3% by the end of 2013 and to 6.9% by the end of 2014.

The one-year Treasury rate is expected to hold at 0.17% this year and rise to 0.30% in 2014, while the ten-year Treasury rate is anticipated to rise to 2.00% from 1.71% last year and grow to 2.47% in 2014.

"Oil prices are forecasted to average almost $93 per barrel by the end of 2013 and then remain near that level through the end of 2014," the Fed said.

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