---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-41
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends February 2023 © Helaba | Research & Advisory | 16 February 2023 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2021 2022e 2023f 2024f 2021 2022e 2023f 2024f Euro area 5,3 3,5 0,6 1,4 2,6 8,4 6,0 3,5 Germany 2,6 1,9 0,0 1,3 3,1 7,9 6,0 3,5 France 6,8 2,6 0,5 1,5 2,1 5,9 4,8 3,0 Italy 6,7 3,9 0,7 1,7 1,9 8,7 6,9 3,5 Spain 5,5 5,5 1,0 2,0 3,0 8,3 3,7 3,5 Netherlands 4,9 4,3 -0,3 1,9 2,8 11,6 10,0 5,0 Austria 4,7 4,8 0,4 1,5 2,8 8,6 6,5 3,3 Sweden 4,8 2,4 -0,8 1,4 2,2 8,4 8,8 2,8 Poland 6,7 4,9 0,5 3,0 5,1 14,4 13,5 5,0 Czech Republic 3,5 2,5 -0,5 2,7 3,8 15,1 11,0 2,5 Hungary 7,1 4,6 0,2 3,6 5,1 14,5 17,2 4,3 United Kingdom 7,6 4,0 -0,5 1,5 2,6 9,1 6,5 3,7 Switzerland 4,2 2,0 0,5 1,6 0,6 2,8 2,0 1,3 USA 5,9 2,1 0,5 1,8 4,7 8,0 3,7 2,5 Japan 2,2 1,1 0,7 1,0 -0,2 2,5 2,2 1,2 Asia ex Japan 7,0 3,9 4,6 5,6 2,4 3,7 3,0 2,6 China 8,4 3,0 4,5 6,5 0,9 1,9 2,0 2,5 India\* 8,9 6,9 5,6 5,5 5,1 6,5 5,0 4,5 Russia 4,7 -3,8 -2,0 2,2 6,7 15,0 8,5 5,0 Turkey 11,1 3,5 3,0 2,8 19,6 48,0 20,0 13,0 Latin America\*\* 7,0 3,3 1,1 2,3 10,3 14,4 12,0 7,9 Brazil 4,6 3,1 1,2 2,3 8,3 9,0 5,0 3,5 World 6,2 3,1 2,4 3,6 3,8 7,2 5,0 3,3 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; f=forecast, e=estimate; GDP growth working-day adjusted if available Sources: M acrobond, Refinitiv, Helaba Research & Advisory Gross domestic product Consumer prices Real change, % yoy Change, % yoy Markets and Trends © Helaba | Research & Advisory | 16 February 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\*\* Q1/2023 Q2/2023 Q3/2023 Q4/2023 Interest rates % ECB refinancing rate 50 50 3,00 3,50 3,50 3,50 3,50 ECB deposit rate 50 50 2,50 3,00 3,00 3,00 3,00 Overnight rate €STR 52 50 2,41 2,95 3,00 3,00 3,00 3M Euribor 55 29 2,68 3,25 3,25 3,25 3,20 6M Euribor 47 31 3,17 3,35 3,30 3,30 3,25 2y Bunds 12 36 2,88 2,80 2,80 2,50 2,30 5y Bunds -5 41 2,53 2,75 2,75 2,50 2,30 10y Bunds -10 41 2,48 2,60 2,70 2,50 2,30 2y swap rate 11 37 3,50 3,65 3,55 3,25 3,00 5y swap rate -13 38 3,11 3,45 3,45 3,20 3,00 10y swap rate -19 37 3,02 3,25 3,35 3,15 3,00 20y swap rate -9 38 2,84 2,60 2,80 2,85 2,75 30y swap rate -3 39 2,50 2,65 2,85 2,75 2,70 Fed funds target rate 25 25 4,63 4,88 4,88 4,88 4,88 10y Treasuries -7 41 3,80 3,90 4,00 3,90 3,70 Equities index DAX 11,4 3,9 15.506 15.500 16.000 16.500 16.000 Euro Stoxx 50 12,8 4,5 4.280 4.250 4.350 4.450 4.350 Dow Jones 3,0 3,3 34.128 34.000 34.500 35.500 34.500 S&P 500 8,0 6,4 4.148 4.100 4.200 4.300 4.200 Nikkei 225 5,4 4,2 27.502 27.500 28.500 29.000 28.500 Gold / crude oil price Gold €/oz 0,8 -3,7 1.718 1.714 1.714 1.727 1.727 Gold $/oz 0,7 -5,0 1.836 1.800 1.800 1.900 1.900 Brent crude $/barrel -0,6 -0,9 85 78 83 87 89 Currencies exchange rate US dollar 0,1 1,3 1,07 1,05 1,05 1,10 1,10 Japanese yen -2,1 -3,0 143 145 142 142 140 British pound -0,3 -1,6 0,89 0,88 0,87 0,85 0,85 Swiss franc 0,2 0,5 0,99 1,00 1,02 1,04 1,05 \* 19.01.2023 \*\* 15.02.2023 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.