---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-42
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends January 2023 © Helaba | Research & Advisory | 19 January 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 3,4 0,6 1,4 2,6 8,4 6,0 3,5 Germany 2,6 2,0 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 3,8 0,7 1,7 1,9 8,7 6,9 3,5 Spain 5,5 4,6 1,0 2,0 3,0 8,3 3,7 3,5 Netherlands 4,9 4,3 -0,3 1,9 2,8 12,0 10,0 5,0 Austria 4,7 4,8 0,4 1,5 2,8 8,6 6,5 3,3 Sweden 4,8 2,8 -0,8 1,4 2,2 8,2 8,8 2,8 Poland 6,7 5,4 0,5 3,0 5,1 14,4 13,5 5,0 Czech Republic 3,5 2,3 -0,5 2,7 3,8 15,1 9,4 3,6 Hungary 7,1 4,7 0,2 3,6 5,1 14,5 17,2 4,3 United Kingdom 7,6 4,0 -1,0 1,5 2,6 9,0 6,5 3,7 Switzerland 4,2 2,0 0,5 1,6 0,6 2,8 2,0 1,3 USA 5,9 2,0 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 2,0 1,0 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 6,9 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: Macrobond, Refinitiv, Helaba Research & Advisory Gross domestic product Consumer prices Real change, % yoy Change, % yoy Markets and Trends © Helaba | Research & Advisory | 19 January 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 0 0 2,50 3,50 3,50 3,50 3,50 ECB deposit rate 0 0 2,00 3,00 3,00 3,00 3,00 Overnight rate €STR 1 0 1,90 2,95 3,00 3,00 3,00 3M Euribor 21 22 2,34 3,25 3,25 3,25 3,20 6M Euribor 14 14 2,83 3,35 3,30 3,30 3,25 2y Bunds -30 -9 2,46 2,80 2,80 2,50 2,30 5y Bunds -52 -32 2,06 2,75 2,75 2,50 2,30 10y Bunds -55 -34 2,02 2,60 2,70 2,50 2,30 2y swap rate -32 -23 3,08 3,65 3,55 3,25 3,00 5y swap rate -57 -41 2,67 3,45 3,45 3,20 3,00 10y swap rate -60 -43 2,60 3,25 3,35 3,15 3,00 20y swap rate -50 -32 2,43 2,60 2,80 2,85 2,75 30y swap rate -45 -28 2,09 2,65 2,85 2,75 2,70 Fed funds target rate 0 0 4,38 4,88 4,88 4,88 4,88 10y Treasuries -51 -31 3,37 3,90 4,00 3,90 3,70 Equities index DAX 9,0 9,1 15.182 14.000 15.000 15.500 16.000 Euro Stoxx 50 10,0 9,2 4.174 3.850 4.100 4.150 4.200 Dow Jones 0,5 0,8 33.297 34.000 36.000 36.500 37.000 S&P 500 2,3 2,8 3.929 3.900 4.200 4.300 4.400 Nikkei 225 2,7 1,1 26.791 26.500 28.000 29.000 30.000 Gold / crude oil price Gold €/oz 3,5 4,3 1.764 1.714 1.714 1.727 1.727 Gold $/oz 4,4 6,2 1.904 1.800 1.800 1.900 1.900 Brent crude $/barrel -1,1 4,9 85 78 83 87 89 Currencies exchange rate US dollar -0,8 -1,8 1,08 1,05 1,05 1,10 1,10 Japanese yen 0,9 0,8 139 145 142 142 140 British pound 1,3 0,7 0,87 0,88 0,87 0,85 0,85 Swiss franc 0,0 -0,3 0,99 1,00 1,02 1,04 1,05 \* 22.12.2022 \*\* 18.01.2023 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.