Previous, Forecast and Actual Figures on an Economic Calendar

The previous figure shows the result from the last time this particular data was released — for example, last month's inflation rate or last quarter's GDP growth. This provides a reference point for comparing the newest data against recent history.

The forecast figure represents the consensus expectation among economists and analysts for what the upcoming data release will show. This is often compiled from surveys of multiple institutions and is intended to reflect the market's general expectation ahead of the actual release.

The actual figure is the real, reported result once the data is officially released. This appears on the calendar at the scheduled release time, replacing the forecast with the confirmed outcome.

Markets often react not simply to whether a figure is "good" or "bad" in isolation, but to how it compares with what was expected. A result that closely matches the forecast may generate a relatively muted reaction, since the market had already priced in that outcome. A result that significantly beats or misses the forecast — a "surprise" — is often what drives sharper price movement, since it requires participants to adjust their expectations.

This is why simply looking at whether a number "went up" or "went down" compared to the previous reading is not always enough; comparing the actual figure to the forecast tends to provide a more complete picture of how the market might interpret the release.