---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-17
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends February 2025 © Helaba | Research & Advisory | 20 February 2025 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2023 2024 2025f 2026f 2023 2024 2025f 2026f Euro area 0,5 0,7 1,2 1,3 5,4 2,4 2,2 2,2 Germany -0,1 -0,2 0,7 1,2 5,9 2,2 2,1 2,1 France 1,1 1,1 1,2 1,4 5,7 2,3 2,1 2,1 Italy 0,8 0,5 1,0 1,0 5,9 1,1 2,2 2,2 Spain 2,7 3,3 2,2 1,6 3,4 2,9 2,4 2,4 Netherlands 0,1 0,9 1,5 1,3 4,1 3,2 2,3 2,5 Austria -0,8 -1,0 0,5 1,3 7,8 2,9 2,7 2,3 Sweden 0,0 0,6 2,0 2,5 8,5 2,8 1,0 1,7 Poland 0,0 2,8 3,0 3,5 11,4 3,6 4,5 3,5 Czech Republic 0,1 1,0 2,0 2,5 10,7 2,4 2,5 2,3 Hungary -0,8 0,6 1,7 3,3 17,6 3,7 4,5 3,5 United Kingdom 0,4 0,9 1,2 1,5 7,3 2,5 2,5 2,5 Switzerland 1,2 1,0 1,0 1,2 2,1 1,1 0,8 1,0 USA 2,9 2,8 2,2 2,0 4,1 3,0 2,8 2,5 Japan 1,5 0,1 1,3 0,8 3,3 2,7 2,0 2,0 Asia ex Japan 4,7 4,7 4,1 4,1 2,1 1,6 2,1 2,5 China 4,9 5,0 4,0 4,0 0,2 0,2 0,8 1,5 India\* 8,2 6,8 6,5 6,1 5,7 4,8 4,4 4,2 Russia 3,0 3,0 2,0 1,8 5,9 7,0 4,5 3,2 Turkey 4,5 2,4 3,7 3,5 53,9 55,0 27,0 9,0 Latin America\*\* 2,1 1,8 2,4 2,4 18,3 25,8 8,1 5,7 Brazil 2,9 2,8 2,5 2,0 4,6 4,0 3,5 3,0 World 3,0 3,0 2,9 2,8 5,0 4,5 2,9 2,7 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; f=forecast, e=estimate; 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 | 20 February 2025 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. 31/12/2024 last month\* Latest\*\* Q1/2025 Q2/2025 Q3/2025 Q4/2025 Interest rates % ECB refinancing rate -25 -25 2,90 2,65 2,15 2,15 2,15 ECB deposit rate -25 -25 2,75 2,50 2,00 2,00 2,00 Overnight rate €STR -24 -26 2,67 2,45 2,00 2,00 2,00 3M Euribor -19 -14 2,53 2,30 2,00 2,00 2,00 6M Euribor -9 -11 2,47 2,20 2,05 2,05 2,05 2y Bunds 10 -7 2,18 2,10 2,10 2,10 2,10 5y Bunds 17 -2 2,33 2,20 2,20 2,25 2,30 10y Bunds 19 1 2,56 2,30 2,30 2,40 2,50 2y swap rate 11 -6 2,30 2,20 2,20 2,20 2,20 5y swap rate 13 -3 2,37 2,35 2,35 2,40 2,45 10y swap rate 12 -1 2,49 2,40 2,40 2,50 2,60 20y swap rate 15 2 2,51 2,40 2,40 2,50 2,60 30y swap rate 18 5 2,34 2,20 2,20 2,30 2,35 Fed funds target rate 0 0 4,38 4,38 4,13 3,88 3,88 10y Treasuries -4 -11 4,53 4,40 4,40 4,50 4,50 Equities index DAX 12,7 4,8 22.434 21.000 21.500 21.750 22.000 Euro Stoxx 50 11,5 4,7 5.461 5.100 5.200 5.250 5.300 Dow Jones 4,9 0,1 44.628 45.400 45.800 46.200 46.500 S&P 500 4,5 0,4 6.144 6.250 6.300 6.350 6.400 Nikkei 225 -1,8 -2,0 39.165 39.900 40.300 40.700 41.000 Gold / crude oil price Gold €/oz 11,0 6,4 2.814 2.571 2.571 2.545 2.545 Gold $/oz 11,8 6,5 2.933 2.700 2.700 2.800 2.800 Brent crude $/barrel 1,9 -2,9 76 80 82 82 83 Currencies exchange rate US dollar -0,7 -0,1 1,04 1,05 1,05 1,10 1,10 Japanese yen 3,1 3,0 158 158 155 158 158 British pound -0,1 1,8 0,83 0,83 0,83 0,84 0,85 Swiss franc -0,3 0,2 0,94 0,93 0,94 0,95 0,96 \* 23/01/2025 \*\* 19/02/2025 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.