---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-38
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends May 2023 © Helaba | Research & Advisory | 25 May 2023 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2021 2022 2023f 2024f 2021 2022 2023f 2024f Euro area 5,3 3,5 1,0 1,4 2,6 8,4 6,3 3,5 Germany 2,6 1,9 0,3 1,3 3,1 6,9 6,0 3,5 France 6,8 2,6 0,8 1,5 2,1 5,9 5,5 3,0 Italy 7,0 3,8 1,4 1,7 1,9 8,7 6,9 3,5 Spain 5,5 5,5 2,1 2,0 3,0 8,3 4,3 3,5 Netherlands 4,9 4,5 0,8 1,6 2,8 11,6 6,0 4,0 Austria 4,7 5,0 0,7 1,5 2,8 8,6 7,3 3,0 Sweden 5,2 2,7 -0,8 1,4 2,2 8,4 8,8 2,8 Poland 6,8 5,4 0,7 3,0 5,1 14,4 12,6 5,5 Czech Republic 3,5 2,5 -0,1 2,4 3,8 15,1 11,0 2,5 Hungary 7,2 4,6 0,5 3,6 5,1 14,5 17,6 4,5 United Kingdom 7,6 4,1 0,0 1,5 2,6 9,1 6,5 3,7 Switzerland 4,2 2,1 0,8 1,5 0,6 2,8 2,5 1,5 USA 5,9 2,1 1,0 1,5 4,7 8,0 4,0 2,8 Japan 2,2 1,0 1,0 1,0 -0,2 2,5 2,7 1,0 Asia ex Japan 7,1 3,7 5,5 4,8 2,4 3,7 3,0 2,6 China 8,4 3,0 6,2 5,0 0,9 1,9 1,4 2,5 India\* 8,9 6,9 5,6 5,5 5,1 6,7 5,7 4,5 Russia 5,6 -2,1 -2,0 2,2 6,7 13,7 8,5 6,0 Turkey 11,1 5,6 3,0 2,8 19,6 72,4 37,0 20,0 Latin America\*\* 7,0 3,7 1,1 2,4 10,3 14,9 14,3 8,9 Brazil 4,6 2,9 1,0 2,3 8,3 9,0 5,0 3,5 World 6,3 3,1 3,0 3,2 3,8 7,2 5,4 3,5 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; f=forecast, e=estimate; GDP growth working-day adjusted if available Sources: M acrobond, Refinitiv, Helaba Research & Advisory Gross domestic product Consumer prices Real change, % yoy Change, % yoy Markets and Trends © Helaba | Research & Advisory | 25 May 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 Mütze. 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\*\* Q2/2023 Q3/2023 Q4/2023 Q1/2024 Interest rates % ECB refinancing rate 125 25 3,75 4,00 4,00 4,00 4,00 ECB deposit rate 125 25 3,25 3,50 3,50 3,50 3,50 Overnight rate €STR 126 25 3,15 3,50 3,50 3,50 3,50 3M Euribor 128 17 3,42 3,60 3,60 3,50 3,40 6M Euribor 105 13 3,74 3,70 3,70 3,60 3,45 2y Bunds 9 3 2,85 3,00 2,80 2,80 2,60 5y Bunds -11 1 2,47 2,70 2,60 2,55 2,50 10y Bunds -10 1 2,47 2,70 2,50 2,30 2,30 2y swap rate 25 9 3,65 3,70 3,50 3,50 3,20 5y swap rate -3 4 3,21 3,40 3,30 3,25 3,15 10y swap rate -7 3 3,13 3,35 3,15 3,00 3,00 20y swap rate 8 3 3,01 3,15 2,95 2,80 2,80 30y swap rate 20 6 2,73 2,85 2,75 2,70 2,70 Fed funds target rate 75 25 5,13 5,13 5,13 5,13 4,88 10y Treasuries -13 22 3,74 4,00 3,90 3,70 3,70 Equities index DAX 13,8 0,3 15.842 16.000 16.500 17.000 17.200 Euro Stoxx 50 12,4 -2,2 4.264 4.400 4.500 4.600 4.650 Dow Jones -1,0 -3,0 32.800 34.500 35.000 35.500 35.880 S&P 500 7,2 -0,5 4.115 4.200 4.300 4.400 4.430 Nikkei 225 17,6 7,8 30.683 29.000 29.500 30.000 30.400 Gold / crude oil price Gold €/oz 6,9 1,0 1.821 1.714 1.727 1.727 1.818 Gold $/oz 7,3 -1,5 1.957 1.800 1.900 1.900 2.000 Brent crude $/barrel -8,8 0,0 78 78 83 89 89 Currencies exchange rate US dollar -0,4 2,6 1,08 1,05 1,10 1,10 1,10 Japanese yen -6,3 -1,5 150 142 142 140 140 British pound 1,8 1,5 0,87 0,87 0,85 0,85 0,85 Swiss franc 1,7 1,4 0,97 1,02 1,04 1,05 1,05 \* 27.04.2023 \*\* 24.05.2023 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.