---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-7
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends December 2025 © Helaba | Research & Advisory | 18 December 2025 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2024 2025e 2026f 2027f 2024 2025e 2026f 2027f Euro area 0,8 1,4 1,4 1,4 2,4 2,1 2,1 2,2 Germany -0,5 0,3 1,5 1,5 2,2 2,2 2,1 2,2 France 1,1 0,9 1,1 1,0 2,3 0,9 1,3 2,1 Italy 0,5 0,5 0,8 0,5 1,1 1,7 1,3 2,4 Spain 3,5 2,9 2,1 1,7 2,9 2,7 2,4 2,2 Netherlands 1,1 1,5 1,1 1,6 3,2 3,1 2,5 2,3 Austria -0,8 0,6 1,0 1,5 2,9 3,5 2,5 2,3 Sweden 0,9 1,8 2,5 2,2 2,8 0,7 1,0 1,5 Poland 3,0 3,3 3,3 3,3 3,6 3,9 3,0 3,0 Czech Republic 1,1 2,5 2,5 2,7 2,4 2,6 2,7 2,5 Hungary 0,6 0,3 2,3 2,5 3,7 4,6 3,8 3,3 United Kingdom 1,1 1,5 1,5 1,5 2,5 3,4 2,5 2,5 Switzerland 1,0 1,5 1,0 1,7 1,1 0,2 0,5 1,0 USA 2,8 2,0 2,0 1,5 3,0 2,8 2,7 2,5 Japan -0,2 1,4 0,8 0,8 2,7 3,2 2,0 2,0 Asia ex Japan 4,7 4,5 4,2 4,0 1,5 1,0 1,7 2,1 China 5,0 4,8 4,3 3,8 0,2 0,0 0,9 1,5 India\* 6,5 6,7 6,1 6,3 4,9 3,0 3,7 4,0 Russia 3,8 0,7 1,4 1,5 8,4 8,5 6,0 3,2 Turkey 3,2 3,0 3,5 4,0 58,4 29,0 21,0 9,0 Latin America\*\* 1,8 2,3 2,0 2,4 25,7 7,6 5,3 7,5 Brazil 2,8 1,9 1,6 1,7 4,4 4,5 4,0 3,0 World 3,1 3,0 2,8 2,7 4,3 2,6 2,5 2,7 \*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 & Advisory Gross domestic product Consumer prices Real change, % yoy Change, % yoy Markets and Trends © Helaba | Research & Advisory | 18 December 2025 2 of 2 Financial markets, gold, crude oil and currencies Publisher and Editor Helaba. Publisher: Dr. Gertrud Rosa 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. 31/12/2024 last month\* Latest\*\* Q4/2025 Q1/2026 Q2/2026 Q3/2026 Interest rates % ECB refinancing rate -100 0 2,15 2,15 2,15 2,15 2,15 ECB deposit rate -100 0 2,00 2,00 2,00 2,00 2,00 Overnight rate €STR -97 0 1,93 2,00 2,00 2,00 2,00 3M Euribor -67 0 2,05 2,00 2,00 2,00 2,05 6M Euribor -42 1 2,14 2,10 2,10 2,10 2,10 2y Bunds 6 12 2,14 2,00 2,00 2,00 2,10 5y Bunds 31 17 2,47 2,40 2,40 2,40 2,50 10y Bunds 50 15 2,86 2,80 2,80 2,80 3,00 2y swap rate 9 10 2,28 2,10 2,15 2,15 2,20 5y swap rate 34 16 2,59 2,50 2,50 2,50 2,60 10y swap rate 57 17 2,93 2,80 2,80 2,80 3,00 20y swap rate 87 16 3,23 3,00 3,00 3,00 3,20 30y swap rate 109 17 3,25 3,00 3,00 3,00 3,20 Fed funds target rate -75 -25 3,63 3,63 3,38 3,38 3,38 10y Treasuries -42 7 4,15 4,30 4,30 4,30 4,50 Equities index DAX 20,3 2,9 23.961 23.000 23.500 24.000 24.500 Euro Stoxx 50 16,0 2,0 5.682 5.400 5.500 5.600 5.700 Dow Jones 12,6 4,7 47.886 45.000 45.600 46.200 46.800 S&P 500 14,3 2,8 6.721 0 6.500 6.600 6.700 Nikkei 225 24,1 -0,6 49.512 49.000 49.800 50.600 51.400 Gold / crude oil price Gold €/oz 45,8 4,5 3.695 3.739 3.739 3.750 3.833 Gold $/oz 65,3 6,4 4.338 4.300 4.300 4.500 4.600 Brent crude $/barrel -20,0 -5,8 60 65 65 68 71 Currencies exchange rate US dollar -11,8 -1,8 1,17 1,15 1,15 1,20 1,20 Japanese yen -11,0 -0,7 183 175 170 170 168 British pound -5,7 0,5 0,88 0,87 0,88 0,88 0,87 Swiss franc 0,6 -0,5 0,93 0,94 0,94 0,95 0,95 \* 20/11/2025 \*\* 17/12/2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 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.