---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-51
type: dd_research
language: en
updated: 2026-11-10
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends November 2026 © Helaba | Research | 10 November 2026 1 of 2 Helaba Research Tables of forecasts Gross domestic product and inflation 2025 2026e 2027f 2028f 2025 2026e 2027f 2028f Euro area 1,3 1,1 1,4 1,0 2,1 3,1 2,8 2,2 Germany 0,3 1,0 1,4 1,0 2,2 2,7 2,8 2,2 France 0,9 0,3 0,6 0,8 0,9 2,6 2,8 2,0 Italy 0,7 0,8 1,0 0,8 1,6 3,4 3,4 2,0 Spain 2,8 2,6 2,3 1,7 2,7 3,9 3,5 2,7 Netherlands 1,8 1,7 1,5 1,3 3,0 2,9 2,7 2,4 Austria 0,8 0,8 1,3 1,0 3,6 3,2 2,9 2,4 Sweden 1,6 2,5 2,2 2,0 0,7 0,7 2,3 2,3 Poland 3,8 3,5 3,3 3,3 3,6 3,1 3,0 2,7 Czech Republic 2,7 1,8 2,3 2,5 2,5 2,2 2,9 2,5 Hungary 0,6 1,8 2,6 2,7 4,4 1,8 2,7 2,5 United Kingdom 1,2 1,6 1,5 1,5 3,4 3,2 3,1 2,5 Switzerland 1,8 2,0 1,8 1,7 0,2 0,7 1,0 1,2 USA 2,3 2,3 2,0 1,8 2,7 3,4 2,8 1,8 Japan 1,2 0,6 0,8 0,8 3,2 2,0 2,3 1,9 Asia ex Japan 4,8 4,6 4,2 3,9 0,9 2,2 2,1 2,2 China 5,0 4,5 4,0 3,7 0,0 1,2 1,3 1,5 India\* 7,8 7,3 7,1 7,0 2,2 4,4 4,2 4,1 Russia 1,0 0,6 0,7 1,2 8,7 6,3 5,2 4,3 Turkey 3,6 2,7 4,0 3,7 34,9 31,0 23,0 19,0 Latin America\*\* 2,4 1,8 2,1 2,2 7,8 7,1 6,0 5,1 Brazil 2,6 2,0 1,6 1,9 4,3 4,6 4,3 3,8 World 3,2 3,0 2,8 2,7 2,5 3,2 2,8 2,4 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; e=estimate, f=forecast, GDP growth working-day adjusted if available Sources: Macrobond, LSEG, Helaba Research Gross domestic product Real change, % yoy Consumer prices Change, % yoy Markets and Trends © Helaba | Research | 10 November 2026 2 of 2 Financial markets, gold, crude oil and currencies Publisher and Editor Helaba. Publisher: Dr Gertrud Rosa Traud, Chief Economist/Head of Research. Editor: Dr Stefan Mitropoulos. Neue Mainzer Str. 52-58, 60311 Frankfurt am Main. Tel. +49 69/91 32-20 24. Mail: research@helaba.de, Web: 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. Change from end of year latest\* Q1/2027 Q2/2027 Q3/2027 Q4/2027 Interest rates basis points % ECB refinancing rate 50 2.65 2.90 2.90 2.90 2.90 ECB deposit rate 50 2.50 2.75 2.75 2.75 2.75 Overnight rate €STR 52 2.44 2.75 2.75 2.75 2.75 3M Euribor 79 2.81 2.90 2.90 2.85 2.75 6M Euribor 91 3.01 3.10 3.05 2.95 2.85 2y Bunds 86 2.98 3.20 3.20 3.00 2.80 5y Bunds 60 3.05 3.30 3.30 3.10 2.95 10y Bunds 39 3.24 3.50 3.50 3.30 3.25 2y swap rate 102 3.29 3.40 3.40 3.20 3.00 5y swap rate 70 3.27 3.45 3.45 3.25 3.10 10y swap rate 41 3.33 3.55 3.55 3.35 3.25 20y swap rate 14 3.38 3.60 3.60 3.45 3.40 30y swap rate 0 3.24 3.50 3.50 3.40 3.35 Fed funds target rate 25 3.88 4.13 4.13 4.13 4.13 10y Treasuries 67 4.83 5.00 5.00 4.80 4.75 Equities in local currency, % index DAX 7.5 26,325 27,250 27,500 27,750 28,000 Euro Stoxx 50 7.6 6,232 6,450 6,500 6,550 6,600 Dow Jones 7.2 51,523 54,750 55,000 55,250 55,500 S&P 500 7.4 7,354 7,980 8,060 8,140 8,200 Nikkei 225 21.3 61,078 62,500 63,000 63,500 64,000 Gold / crude oil % Gold €/oz -0.9 3,644 3,894 4,248 4,522 4,522 Gold $/oz -5.4 4,088 4,400 4,800 5,200 5,200 Brent crude $/barrel 61.5 98 97 93 89 85 Currencies vs. euro, % exchange rate US dollar 4.7 1.12 1.13 1.13 1.15 1.15 Japanese yen 4.0 177 173 170 173 167 British pound 4.5 0.83 0.84 0.86 0.86 0.87 Swiss franc 1.6 0.92 0.92 0.93 0.95 0.95 \*05/11/2026 Sources: Bloomberg, Helaba Research Helaba forecast for end of period…

Our tables of forecasts for: gross domestic product and inflation, financial markets, gold, crude oil and currencies.