---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-31
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends December 2023 © Helaba | Research & Advisory | 21 December 2023 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2022 2023e 2024f 2025f 2022 2023e 2024f 2025f Euro area 3,4 0,5 1,3 1,2 8,4 5,4 3,0 2,5 Germany 1,9 0,0 1,3 1,1 6,9 6,0 3,0 2,5 France 2,5 1,0 1,5 1,2 5,9 5,7 3,0 2,7 Italy 3,9 0,7 1,1 1,2 8,7 6,1 2,7 2,6 Spain 5,8 2,4 2,0 1,5 8,3 3,5 3,3 2,7 Netherlands 4,5 0,5 1,2 1,5 11,6 6,0 4,0 2,3 Austria 4,8 -0,3 1,0 1,7 8,6 7,9 3,7 2,6 Sweden 3,0 -0,5 0,8 2,3 8,4 8,6 3,5 2,2 Poland 5,5 0,0 2,5 3,4 14,4 11,6 5,3 4,0 Czech Republic 2,4 -0,2 2,2 2,8 15,1 10,9 2,7 2,7 Hungary 4,6 -0,5 3,2 3,5 14,5 17,8 5,0 3,8 United Kingdom 4,3 0,5 1,0 1,2 9,1 7,3 3,5 2,5 Switzerland 2,5 1,3 1,5 1,4 2,8 2,2 1,5 1,5 USA 1,9 2,3 1,3 2,2 8,0 4,1 2,7 2,2 Japan 0,9 2,0 1,0 0,8 2,5 3,2 2,5 2,0 Asia ex Japan 3,7 4,7 4,7 4,6 3,7 2,4 2,5 2,5 China 3,0 5,3 5,0 4,8 1,9 0,5 1,5 2,3 India\* 7,3 6,5 6,0 5,9 6,7 5,7 4,5 4,0 Russia -2,1 -1,0 1,8 2,0 13,7 7,0 5,5 3,5 Turkey 5,6 3,0 2,8 3,7 72,4 37,0 20,0 11,2 Latin America\*\* 3,7 1,7 2,3 2,4 14,9 16,7 13,0 8,6 Brazil 2,9 2,6 2,2 2,0 9,0 5,0 3,5 3,5 World 3,0 2,8 2,9 3,1 7,0 5,1 3,7 3,0 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; f=forecast, e=estimate; GDP growth working-day adjusted if available Sources: Macrobond, Refinitiv, Helaba Research & Advisory Gross domestic product Consumer prices Real change, % yoy Change, % yoy Markets and Trends © Helaba | Research & Advisory | 21 December 2023 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. 31.12.2022 last month\* Latest\*\* Q1/2024 Q2/2024 Q3/2024 Q4/2024 Interest rates % ECB refinancing rate 200 0 4,50 4,50 4,50 4,25 4,00 ECB deposit rate 200 0 4,00 4,00 4,00 3,75 3,50 Overnight rate €STR 201 0 3,90 4,00 4,00 3,75 3,50 3M Euribor 178 -4 3,92 4,00 3,80 3,50 3,30 6M Euribor 123 -14 3,92 4,05 3,85 3,55 3,35 2y Bunds -29 -57 2,47 3,10 2,90 2,50 2,30 5y Bunds -62 -64 1,95 2,75 2,75 2,50 2,30 10y Bunds -60 -65 1,97 2,70 2,70 2,50 2,30 2y swap rate -51 -66 2,88 3,70 3,50 3,00 2,80 5y swap rate -79 -68 2,45 3,35 3,35 3,10 2,90 10y swap rate -77 -66 2,44 3,30 3,30 3,10 2,90 20y swap rate -51 -64 2,42 3,20 3,20 3,00 2,80 30y swap rate -29 -59 2,24 3,00 3,05 2,90 2,70 Fed funds target rate 100 0 5,38 5,38 5,38 5,13 4,88 10y Treasuries -3 -56 3,85 4,40 4,30 4,20 4,00 Equities index DAX 20,2 4,6 16.733 16.400 16.800 17.200 17.500 Euro Stoxx 50 19,5 4,0 4.534 4.500 4.600 4.700 4.800 Dow Jones 11,9 5,1 37.082 36.200 36.800 37.400 38.000 S&P 500 22,4 3,1 4.698 4.580 4.650 4.730 4.800 Nikkei 225 29,1 0,7 33.676 35.200 35.800 36.400 37.000 Gold / crude oil price Gold €/oz 8,8 1,5 1.854 1.810 1.818 1.818 2.000 Gold $/oz 11,4 2,0 2.031 1.900 2.000 2.000 2.200 Brent crude $/barrel -7,2 -2,1 80 89 89 90 91 Currencies exchange rate US dollar -2,2 -0,3 1,09 1,05 1,10 1,10 1,10 Japanese yen -10,6 3,8 157 155 153 150 148 British pound 2,3 0,5 0,87 0,86 0,86 0,87 0,88 Swiss franc 4,8 2,1 0,94 0,97 0,98 1,00 1,01 \* 23.11.2023 \*\* 20.12.2023 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.