---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-23
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends August 2024 © Helaba | Research & Advisory | 22 August 2024 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2022 2023 2024f 2025f 2022 2023 2024f 2025f Euro area 3,5 0,5 0,8 1,4 8,4 5,4 2,4 2,4 Germany 1,7 -0,1 0,0 1,2 6,9 5,9 2,3 2,3 France 2,6 1,1 1,2 1,3 5,9 5,7 2,5 2,7 Italy 4,1 1,0 0,9 1,2 8,7 5,9 1,3 2,6 Spain 5,8 2,5 2,8 2,0 8,3 3,4 3,0 2,7 Netherlands 5,0 0,1 0,2 1,7 11,6 4,1 3,0 2,3 Austria 4,9 -0,7 0,0 1,5 8,6 7,8 3,3 2,6 Sweden 1,5 0,1 0,5 2,0 8,4 8,5 3,1 1,8 Poland 5,9 0,1 2,7 3,4 14,4 11,4 4,0 4,0 Czech Republic 2,9 0,0 1,0 2,5 15,1 10,7 2,4 2,5 Hungary 4,6 -0,7 1,5 3,0 14,5 17,6 4,0 4,0 United Kingdom 4,3 0,1 1,0 1,2 9,1 7,3 2,5 2,5 Switzerland 2,4 1,3 1,5 1,4 2,8 2,1 1,2 1,2 USA 1,9 2,5 2,5 2,2 8,0 4,1 3,0 2,5 Japan 1,1 1,7 0,2 1,3 2,5 3,3 2,2 2,0 Asia ex Japan 3,7 4,9 4,5 4,4 3,7 2,0 1,9 2,3 China 3,0 5,2 4,7 4,5 2,0 0,2 0,7 1,7 India\* 7,1 8,2 6,8 6,3 6,7 5,7 4,8 4,4 Russia -2,1 3,0 3,0 2,0 13,7 5,9 7,0 4,5 Turkey 5,6 4,5 2,4 3,7 72,4 53,9 55,0 27,0 Latin America\*\* 3,7 2,1 1,7 2,5 14,9 18,3 26,1 8,2 Brazil 2,9 2,9 2,2 2,0 9,0 4,6 4,0 3,5 World 3,0 3,1 2,9 3,0 7,0 5,0 4,6 3,0 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; f=forecast; 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 August 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\*\* Q3/2024 Q4/2024 Q1/2025 Q2/2025 Interest rates % ECB refinancing rate -25 0 4,25 3,65 3,40 2,90 2,65 ECB deposit rate -25 0 3,75 3,50 3,25 2,75 2,50 Overnight rate €STR -22 0 3,66 3,40 3,20 2,75 2,50 3M Euribor -37 -14 3,54 3,40 3,15 2,70 2,50 6M Euribor -45 -21 3,41 3,30 3,05 2,70 2,55 2y Bunds -5 -28 2,36 2,35 2,20 2,10 2,10 5y Bunds 16 -24 2,11 2,15 2,15 2,05 2,05 10y Bunds 17 -23 2,19 2,20 2,10 2,00 2,00 2y swap rate -14 -33 2,66 2,65 2,50 2,40 2,40 5y swap rate -2 -29 2,41 2,50 2,50 2,40 2,40 10y swap rate -5 -26 2,44 2,55 2,50 2,40 2,40 20y swap rate -7 -25 2,45 2,50 2,50 2,40 2,40 30y swap rate -10 -25 2,24 2,30 2,25 2,15 2,15 Fed funds target rate 0 0 5,38 5,13 4,63 4,13 3,88 10y Treasuries -8 -44 3,80 3,90 3,80 3,70 3,70 Equities index DAX 10,1 0,8 18.449 18.700 19.000 19.300 19.500 Euro Stoxx 50 8,0 1,5 4.885 4.950 5.050 5.100 5.150 Dow Jones 8,5 2,4 40.890 41.000 41.500 41.800 42.100 S&P 500 17,8 4,1 5.621 5.600 5.650 5.700 5.750 Nikkei 225 13,4 0,2 37.952 40.000 40.500 40.900 41.300 Gold / crude oil price Gold €/oz 20,5 3,3 2.252 2.182 2.273 2.273 2.261 Gold $/oz 21,8 6,3 2.513 2.400 2.500 2.500 2.600 Brent crude $/barrel -1,3 -7,7 76 86 88 90 92 Currencies exchange rate US dollar -1,0 -2,7 1,12 1,10 1,10 1,10 1,15 Japanese yen -3,8 3,1 162 162 158 154 155 British pound 1,8 -0,9 0,85 0,86 0,87 0,88 0,88 Swiss franc -2,2 0,7 0,95 0,96 0,97 0,97 0,97 \* 25.07.2024 \*\* 21.08.2024 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.