---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-35
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends August 2023 © Helaba | Research & Advisory | 24 August 2023 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2021 2022 2023f 2024f 2021 2022 2023f 2024f Euro area 5,4 3,4 0,7 1,4 2,6 8,4 5,7 3,3 Germany 2,6 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 0,7 1,5 2,8 8,6 7,6 3,3 Sweden 5,9 2,9 -0,8 1,0 2,2 8,4 8,5 3,5 Poland 6,8 5,4 1,5 2,2 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 0,2 3,4 5,1 14,5 17,6 4,5 United Kingdom 7,6 4,1 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 | 24 August 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\*\* Q3/2023 Q4/2023 Q1/2024 Q2/2024 Interest rates % ECB refinancing rate 175 0 4,25 4,25 4,25 4,25 4,25 ECB deposit rate 175 0 3,75 3,75 3,75 3,75 3,75 Overnight rate €STR 176 25 3,65 3,75 3,75 3,75 3,75 3M Euribor 169 11 3,83 3,75 3,75 3,75 3,65 6M Euribor 126 -2 3,95 3,85 3,80 3,80 3,70 2y Bunds 21 -12 2,97 3,00 2,80 2,80 2,60 5y Bunds -6 -3 2,52 2,60 2,40 2,45 2,35 10y Bunds -5 4 2,52 2,50 2,30 2,30 2,20 2y swap rate 26 -11 3,66 3,70 3,50 3,40 3,10 5y swap rate -5 -5 3,19 3,30 3,10 3,10 3,00 10y swap rate -10 3 3,11 3,15 3,00 3,00 2,85 20y swap rate 8 5 3,01 3,05 2,90 2,90 2,75 30y swap rate 23 8 2,76 2,75 2,70 2,70 2,60 Fed funds target rate 100 0 5,38 5,38 5,38 5,38 5,38 10y Treasuries 32 19 4,19 3,90 3,70 3,70 3,50 Equities index DAX 13,0 -4,1 15.728 16.500 17.000 17.200 17.300 Euro Stoxx 50 12,5 -4,1 4.267 4.500 4.600 4.650 4.700 Dow Jones 4,0 -2,3 34.473 36.000 36.500 36.900 37.250 S&P 500 15,5 -2,2 4.436 4.600 4.700 4.730 4.750 Nikkei 225 22,7 -2,7 32.010 34.000 35.000 35.300 35.500 Gold / crude oil price Gold €/oz 3,5 -0,5 1.763 1.727 1.727 1.818 1.818 Gold $/oz 5,0 -1,6 1.915 1.900 1.900 2.000 2.000 Brent crude $/barrel -3,1 -1,2 83 83 89 89 89 Currencies exchange rate US dollar -1,5 1,1 1,09 1,10 1,10 1,10 1,10 Japanese yen -10,8 -2,7 157 156 152 150 148 British pound 3,7 0,5 0,85 0,85 0,85 0,85 0,85 Swiss franc 3,7 0,0 0,95 0,98 0,98 1,00 1,00 \* 27.07.2023 \*\* 23.08.2023 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.