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

# Table of forecasts

Markets and Trends March 2024 © Helaba | Research & Advisory | 21 March 2024 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2022 2023 2024f 2025f 2022 2023 2024f 2025f Euro area 3,5 0,5 1,0 1,2 8,4 5,4 2,8 2,5 Germany 1,9 -0,1 0,8 1,1 6,9 5,9 3,0 2,5 France 2,5 0,9 1,1 1,2 5,9 5,7 3,0 2,7 Italy 4,1 1,0 1,1 1,2 8,7 5,9 2,2 2,6 Spain 5,8 2,5 2,0 1,5 8,3 3,4 3,3 2,7 Netherlands 4,5 0,1 0,7 1,5 11,6 6,0 4,0 2,3 Austria 4,8 -0,7 0,6 1,7 8,6 7,8 3,4 2,6 Sweden 2,7 0,0 0,4 2,3 8,4 8,5 3,5 2,2 Poland 5,5 0,1 2,7 3,4 14,4 11,4 4,7 4,0 Czech Republic 2,4 -0,4 1,0 2,8 15,1 10,7 2,6 2,4 Hungary 4,6 -0,7 2,7 3,5 14,5 17,6 4,7 3,8 United Kingdom 4,3 0,1 0,7 1,2 9,1 7,3 3,5 2,5 Switzerland 2,5 1,3 1,5 1,4 2,8 2,1 1,5 1,5 USA 1,9 2,5 2,1 2,2 8,0 4,1 3,0 2,2 Japan 0,9 1,9 1,0 0,8 2,5 3,3 2,5 2,0 Asia ex Japan 3,7 4,7 4,6 4,5 3,7 2,0 2,0 2,5 China 3,0 5,2 5,0 4,8 2,0 0,2 1,0 2,0 India\* 7,3 7,2 6,5 5,9 6,7 5,7 4,5 4,0 Russia -2,1 1,8 1,8 2,0 13,7 5,9 5,5 3,5 Turkey 5,6 4,5 2,4 3,7 72,4 53,9 45,0 25,0 Latin America\*\* 3,7 2,1 2,3 2,4 14,9 16,7 13,0 8,6 Brazil 2,9 2,9 2,2 2,0 9,0 4,6 3,5 3,5 World 3,0 2,9 2,9 3,0 7,0 4,8 3,6 3,0 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; 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 | 21 March 2024 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. 31.12.2023 last month\* Latest\*\* Q2/2024 Q3/2024 Q4/2024 Q1/2025 Interest rates % ECB refinancing rate 0 0 4,50 4,25 3,65 3,40 3,15 ECB deposit rate 0 0 4,00 3,75 3,50 3,25 3,00 Overnight rate €STR 3 0 3,91 3,65 3,40 3,20 3,00 3M Euribor 1 -2 3,92 3,50 3,30 3,05 2,75 6M Euribor 4 0 3,91 3,40 3,25 3,00 2,70 2y Bunds 52 2 2,93 2,40 2,30 2,10 2,10 5y Bunds 50 0 2,45 2,05 2,10 2,10 2,10 10y Bunds 41 -1 2,43 2,00 2,00 2,10 2,10 2y swap rate 44 -2 3,24 2,75 2,60 2,35 2,35 5y swap rate 36 -5 2,79 2,50 2,55 2,55 2,55 10y swap rate 22 -7 2,71 2,45 2,45 2,55 2,55 20y swap rate 13 -7 2,65 2,40 2,45 2,55 2,55 30y swap rate 11 -4 2,45 2,40 2,40 2,45 2,45 Fed funds target rate 0 0 5,38 5,13 4,88 4,63 4,38 10y Treasuries 39 -5 4,27 3,90 3,80 3,80 3,70 Equities index DAX 7,5 3,7 18.015 16.800 17.200 17.500 17.600 Euro Stoxx 50 10,6 3,0 5.000 4.600 4.700 4.800 4.830 Dow Jones 4,8 1,1 39.512 36.800 37.400 38.000 38.300 S&P 500 9,5 2,7 5.225 4.650 4.730 4.800 4.830 Nikkei 225 19,5 2,3 40.004 35.800 36.400 37.000 37.600 Gold / crude oil price Gold €/oz 7,1 7,0 2.002 1.818 1.909 2.000 2.000 Gold $/oz 6,0 8,0 2.186 2.000 2.100 2.200 2.200 Brent crude $/barrel 11,6 2,7 86 89 90 91 91 Currencies exchange rate US dollar 1,1 -0,9 1,09 1,10 1,10 1,10 1,10 Japanese yen -5,7 -1,4 165 153 150 148 148 British pound 1,5 0,1 0,85 0,86 0,87 0,88 0,88 Swiss franc -4,1 -1,6 0,97 0,96 0,98 1,01 1,01 \* 22.02.2024 \*\* 20.03.2024 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.