---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-20
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends November 2024 © Helaba | Research & Advisory | 22 November 2024 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2023 2024e 2025f 2026f 2023 2024e 2025f 2026f Euro area 0,5 0,8 1,2 1,3 5,4 2,4 2,2 2,2 Germany -0,1 -0,1 0,7 1,2 5,9 2,3 2,1 2,1 France 1,1 1,2 1,2 1,4 5,7 2,3 2,1 2,1 Italy 0,8 0,5 1,0 1,0 5,9 1,1 2,2 2,2 Spain 2,7 3,0 2,2 1,6 3,4 2,8 2,4 2,4 Netherlands 0,1 0,9 1,5 1,3 4,1 3,0 2,3 2,5 Austria -0,8 -0,5 1,0 1,3 7,8 3,0 2,3 2,3 Sweden -0,1 0,5 2,0 2,5 8,5 2,8 1,0 1,7 Poland 0,1 2,5 3,0 3,5 11,4 3,8 5,0 3,0 Czech Republic 0,0 1,0 2,3 2,7 10,7 2,5 2,5 2,3 Hungary -0,8 0,5 2,3 3,3 17,6 3,7 4,0 3,5 United Kingdom 0,3 0,9 1,2 1,5 7,3 2,5 2,5 2,5 Switzerland 1,2 1,0 1,0 1,2 2,1 1,1 0,8 1,0 USA 2,9 2,8 2,2 2,0 4,1 2,9 2,5 2,5 Japan 1,7 -0,3 1,3 0,8 3,3 2,5 2,0 2,0 Asia ex Japan 4,9 4,4 4,1 4,1 2,0 1,7 2,1 2,5 China 5,1 4,5 4,0 4,0 0,2 0,4 1,2 2,0 India\* 8,2 6,8 6,5 6,1 5,7 4,8 4,4 4,2 Russia 3,0 3,0 2,0 1,8 5,9 7,0 4,5 3,2 Turkey 4,5 2,4 3,7 3,5 53,9 55,0 27,0 9,0 Latin America\*\* 2,1 1,8 2,4 2,4 18,3 25,8 8,1 5,7 Brazil 2,9 2,8 2,5 2,0 4,6 4,0 3,5 3,0 World 3,1 2,9 2,8 2,8 5,0 4,5 2,9 2,7 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; f=forecast, e=estimate; GDP growth working-day adjusted if available Sources: Macrobond, LSEG, Helaba Research & Advisory Gross domestic product Consumer prices Real change, % yoy Change, % yoy Markets and Trends © Helaba | Research & Advisory | 22 November 2024 2 of 2 Financial markets, gold, crude oil and currencies Publisher and Editor Helaba. Publisher: Dr. Gertrud R. Traud, Chief Economist/Head of Research & Advisory. Editor: Dr. Stefan Mitropoulos. Neue Mainzer Str. 52-58, 60311 Frankfurt am Main. Tel. +49 69/91 32-20 24. http://www.helaba.de Disclaimer This publication was very carefully researched and prepared. However, it contains analyses and forecasts regard- ing current and future market conditions that are for informational purposes only. The data is based on sources that we consider reliable, though we cannot assume any responsibility for the sources being accurate, complete, and up-to-date. All statements in this publication are for informational purposes. They must not be taken as an offer or recommendation for investment decisions. 31/12/2023 last month\* Latest\*\* Q4/2024 Q1/2025 Q2/2025 Q3/2025 Interest rates % ECB refinancing rate -110 -25 3.40 3.15 2.65 2.15 2.15 ECB deposit rate -75 -25 3.25 3.00 2.50 2.00 2.00 Overnight rate €STR -72 -25 3.16 2.95 2.45 2.00 2.00 3M Euribor -89 -19 3.02 2.70 2.30 2.00 2.00 6M Euribor -108 -27 2.78 2.45 2.20 2.05 2.05 2y Bunds -24 0 2.17 2.10 2.00 2.00 2.10 5y Bunds 27 18 2.22 2.10 2.05 2.05 2.15 10y Bunds 37 21 2.39 2.20 2.20 2.20 2.30 2y swap rate -53 -10 2.27 2.20 2.10 2.10 2.20 5y swap rate -14 1 2.29 2.25 2.20 2.20 2.30 10y swap rate -14 -3 2.35 2.30 2.30 2.30 2.40 20y swap rate -18 -9 2.34 2.30 2.30 2.30 2.40 30y swap rate -23 -15 2.11 2.05 2.05 2.05 2.15 Fed funds target rate -75 -25 4.63 4.38 3.88 3.63 3.63 10y Treasuries 57 44 4.45 4.30 4.30 4.30 4.40 Equities index DAX 13.4 -2.2 19,003 19,500 19,750 20,000 20,250 Euro Stoxx 50 4.8 -3.4 4,740 4,850 4,900 4,950 5,000 Dow Jones 16.6 2.0 43,958 45,000 45,400 45,800 46,200 S&P 500 25.5 2.4 5,985 6,200 6,250 6,300 6,350 Nikkei 225 15.7 -1.2 38,722 39,500 39,900 40,300 40,700 Gold / crude oil price Gold €/oz 30.3 -1.0 2,436 2,476 2,571 2,571 2,545 Gold $/oz 24.7 -3.8 2,573 2,600 2,700 2,700 2,800 Brent crude $/barrel -6.2 -2.6 72 78 80 82 82 Currencies exchange rate US dollar 4.5 2.8 1.06 1.05 1.05 1.05 1.10 Japanese yen -5.2 -1.0 164 162 158 155 158 British pound 4.3 0.6 0.83 0.83 0.83 0.83 0.84 Swiss franc -0.8 0.4 0.94 0.94 0.93 0.94 0.95 \* 16/10/2024 \*\* 13/11/2024 Sources: Bloomberg, Helaba Research & Advisory Helaba forecast for end of period… vs. euro, % Change from... basis points in local currency, % %

Our tables of forecasts for: gross domestic product and inflation, financial markets, gold, crude oil and currencies.