---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-34
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends September 2023 © Helaba | Research & Advisory | 21 September 2023 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2021 2022 2023f 2024f 2021 2022 2023f 2024f Euro area 5,6 3,4 0,7 1,4 2,6 8,4 5,7 3,3 Germany 3,1 1,9 -0,1 1,3 3,1 6,9 6,0 3,5 France 6,4 2,5 0,8 1,5 2,1 5,9 5,5 3,0 Italy 7,0 3,8 1,0 1,4 1,9 8,7 6,6 3,5 Spain 5,5 5,5 2,3 2,0 3,0 8,3 3,5 3,3 Netherlands 4,9 4,5 0,8 1,6 2,8 11,6 6,0 4,0 Austria 4,7 4,9 0,3 1,5 2,8 8,6 7,6 3,3 Sweden 5,9 2,9 -0,8 0,5 2,2 8,4 8,5 3,5 Poland 6,9 5,5 0,4 2,5 5,1 14,4 12,2 6,0 Czech Republic 3,5 2,4 0,2 2,4 3,8 15,1 11,0 2,5 Hungary 7,2 4,6 -0,5 3,2 5,1 14,5 17,6 4,5 United Kingdom 8,7 2,5 0,3 1,0 2,6 9,1 7,4 3,5 Switzerland 3,9 2,0 1,0 1,5 0,6 2,8 2,2 1,5 USA 5,9 2,1 1,7 1,0 4,7 8,0 4,0 2,7 Japan 2,3 1,0 2,0 1,0 -0,2 2,5 3,0 1,6 Asia ex Japan 7,1 3,7 4,7 4,7 2,4 3,7 2,4 2,5 China 8,2 3,1 5,3 5,0 0,9 1,9 1,0 2,2 India\* 9,1 7,2 6,0 5,6 5,1 6,7 5,7 4,5 Russia 5,6 -2,1 -2,2 2,1 6,7 13,7 7,0 5,5 Turkey 11,1 5,6 3,0 2,8 19,6 72,4 37,0 20,0 Latin America\*\* 7,0 3,7 1,7 2,3 10,3 14,9 16,7 13,0 Brazil 4,6 2,9 2,6 2,2 8,3 9,0 5,0 3,5 World 6,3 3,0 2,7 2,9 3,7 7,0 5,1 3,7 \*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 | 21 September 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\*\* Q4/2023 Q1/2024 Q2/2024 Q3/2024 Interest rates % ECB refinancing rate 200 25 4,50 4,50 4,50 4,50 4,50 ECB deposit rate 200 25 4,00 4,00 4,00 4,00 4,00 Overnight rate €STR 201 25 3,90 4,00 4,00 4,00 4,00 3M Euribor 180 15 3,93 4,00 4,00 3,90 3,50 6M Euribor 138 14 4,07 4,05 4,05 3,95 3,55 2y Bunds 50 30 3,26 2,80 2,80 2,60 2,40 5y Bunds 16 22 2,73 2,40 2,40 2,35 2,40 10y Bunds 13 19 2,70 2,30 2,30 2,20 2,30 2y swap rate 42 16 3,82 3,50 3,40 3,10 2,90 5y swap rate 10 13 3,34 3,10 3,05 3,00 3,00 10y swap rate 3 11 3,23 3,00 3,00 2,85 2,90 20y swap rate 23 13 3,16 2,90 2,90 2,75 2,80 30y swap rate 40 17 2,93 2,70 2,70 2,60 2,70 Fed funds target rate 100 0 5,38 5,38 5,38 5,38 5,13 10y Treasuries 53 17 4,41 3,70 3,70 3,50 3,50 Equities index DAX 13,3 1,0 15.782 17.000 17.200 17.300 17.400 Euro Stoxx 50 12,7 1,0 4.276 4.600 4.650 4.700 4.750 Dow Jones 3,9 1,0 34.441 36.500 36.900 37.250 37.700 S&P 500 14,7 0,6 4.402 4.700 4.730 4.750 4.780 Nikkei 225 26,6 2,3 33.024 35.000 35.300 35.500 35.800 Gold / crude oil price Gold €/oz 6,3 2,3 1.811 1.727 1.818 1.818 1.913 Gold $/oz 5,8 0,7 1.930 1.900 2.000 2.000 2.200 Brent crude $/barrel 8,9 12,2 94 89 89 89 90 Currencies exchange rate US dollar 0,4 1,4 1,07 1,10 1,10 1,10 1,15 Japanese yen -11,2 -0,3 158 152 150 148 148 British pound 2,5 -0,7 0,86 0,85 0,85 0,85 0,87 Swiss franc 3,3 -0,2 0,96 0,98 1,00 1,00 1,03 \* 24.08.2023 \*\* 20.09.2023 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.