---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-36
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends July 2023 © Helaba | Research & Advisory | 20 July 2023 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2021 2022 2023f 2024f 2021 2022 2023f 2024f Euro area 5,3 3,5 0,7 1,5 2,6 8,4 5,7 3,3 Germany 2,6 1,9 -0,1 1,5 3,1 6,9 6,0 3,5 France 6,4 2,5 0,8 1,5 2,1 5,9 5,5 3,0 Italy 7,0 3,8 1,4 1,7 1,9 8,7 6,6 3,5 Spain 5,5 5,5 2,3 2,0 3,0 8,3 3,5 3,3 Netherlands 4,9 4,5 0,8 1,6 2,8 11,6 6,0 4,0 Austria 4,7 4,9 0,7 1,5 2,8 8,6 7,6 3,0 Sweden 5,9 2,9 0,5 1,0 2,2 8,4 8,5 3,3 Poland 6,8 5,4 1,5 2,2 5,1 14,4 12,6 5,5 Czech Republic 3,5 2,4 0,2 2,4 3,8 15,1 11,0 2,5 Hungary 7,2 4,6 0,2 3,4 5,1 14,5 17,6 4,5 United Kingdom 7,6 4,1 0,3 1,2 2,6 9,1 7,0 3,7 Switzerland 3,9 2,0 1,0 1,5 0,6 2,8 2,5 1,5 USA 5,9 2,1 1,3 1,0 4,7 8,0 4,3 3,0 Japan 2,2 1,0 1,0 1,0 -0,2 2,5 2,7 1,3 Asia ex Japan 7,1 3,7 4,7 4,7 2,4 3,7 2,4 2,5 China 8,4 3,0 5,3 5,0 0,9 1,9 1,0 2,2 India\* 9,1 7,2 6,0 5,6 5,1 6,7 5,7 4,5 Russia 5,6 -2,1 -2,0 2,2 6,7 13,7 8,5 6,0 Turkey 11,1 5,6 3,0 2,8 19,6 72,4 37,0 20,0 Latin America\*\* 7,0 3,7 1,1 2,4 10,3 14,9 14,3 8,9 Brazil 4,6 2,9 1,0 2,3 8,3 9,0 5,0 3,5 World 6,3 3,0 2,5 2,9 3,7 7,0 4,9 3,4 \*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 | 20 July 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\*\* Q3/2023 Q4/2023 Q1/2024 Q2/2024 Interest rates % ECB refinancing rate 150 0 4,00 4,25 4,25 4,25 4,25 ECB deposit rate 150 0 3,50 3,75 3,75 3,75 3,75 Overnight rate €STR 151 0 3,40 3,75 3,75 3,75 3,75 3M Euribor 151 5 3,65 3,75 3,75 3,65 3,60 6M Euribor 124 3 3,94 3,85 3,80 3,70 3,65 2y Bunds 31 -15 3,07 3,00 2,80 2,60 2,50 5y Bunds -6 -13 2,52 2,60 2,40 2,35 2,30 10y Bunds -13 -6 2,44 2,50 2,30 2,30 2,20 2y swap rate 38 -11 3,77 3,70 3,50 3,20 3,00 5y swap rate -3 -11 3,21 3,30 3,10 3,00 2,95 10y swap rate -16 -5 3,04 3,15 3,00 3,00 2,85 20y swap rate -6 -4 2,87 3,05 2,90 2,90 2,75 30y swap rate 7 -2 2,60 2,75 2,70 2,70 2,60 Fed funds target rate 75 0 5,13 5,38 5,38 5,13 4,88 10y Treasuries -13 -5 3,75 3,90 3,70 3,70 3,50 Equities index DAX 15,7 0,8 16.109 16.500 17.000 17.200 17.300 Euro Stoxx 50 15,0 1,3 4.362 4.500 4.600 4.650 4.700 Dow Jones 5,8 3,3 35.061 35.000 35.500 35.880 36.250 S&P 500 18,9 4,2 4.566 4.500 4.600 4.630 4.650 Nikkei 225 26,1 -1,1 32.896 34.000 35.000 35.300 35.500 Gold / crude oil price Gold €/oz 3,6 1,2 1.765 1.727 1.727 1.818 1.818 Gold $/oz 8,4 3,3 1.977 1.900 1.900 2.000 2.000 Brent crude $/barrel -7,5 7,2 79 83 89 89 89 Currencies exchange rate US dollar -4,4 -2,2 1,12 1,10 1,10 1,10 1,10 Japanese yen -10,2 0,2 156 148 145 142 142 British pound 2,3 -0,7 0,87 0,85 0,85 0,85 0,85 Swiss franc 2,9 1,9 0,96 1,00 1,02 1,03 1,05 \* 22.06.2023 \*\* 19.07.2023 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.