---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-39
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends April 2023 © Helaba | Research & Advisory | 20 April 2023 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2021 2022e 2023f 2024f 2021 2022e 2023f 2024f Euro area 5,3 3,5 0,6 1,4 2,6 8,4 6,3 3,5 Germany 2,6 1,9 0,0 1,3 3,1 6,9 6,0 3,5 France 6,8 2,6 0,5 1,5 2,1 5,9 5,5 3,0 Italy 7,0 3,8 0,7 1,7 1,9 8,7 6,9 3,5 Spain 5,5 5,5 1,0 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 6,7 5,2 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 -0,2 1,5 2,6 9,1 6,0 3,7 Switzerland 4,2 2,1 0,5 1,5 0,6 2,8 2,7 1,2 USA 5,9 2,1 1,0 1,5 4,7 8,0 4,0 2,8 Japan 2,2 1,0 0,7 1,0 -0,2 2,5 2,2 1,0 Asia ex Japan 7,1 3,7 4,8 5,0 2,4 3,7 3,0 2,6 China 8,4 3,0 5,0 5,5 0,9 1,9 1,7 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 15,0 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 2,6 3,3 3,8 7,2 5,4 3,6 \*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 | 20 April 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 100 0 3,50 3,75 3,75 3,75 3,75 ECB deposit rate 100 0 3,00 3,25 3,25 3,25 3,25 Overnight rate €STR 101 0 2,90 3,25 3,25 3,25 3,25 3M Euribor 107 22 3,21 3,50 3,50 3,40 3,40 6M Euribor 89 30 3,59 3,55 3,55 3,45 3,45 2y Bunds 20 44 2,97 3,00 2,80 2,80 2,50 5y Bunds -1 37 2,57 2,70 2,65 2,55 2,45 10y Bunds -6 32 2,52 2,70 2,50 2,30 2,30 2y swap rate 25 35 3,65 3,70 3,50 3,50 3,10 5y swap rate 0 27 3,24 3,40 3,35 3,25 3,10 10y swap rate -6 23 3,14 3,35 3,15 3,00 3,00 20y swap rate 5 23 2,98 3,15 2,95 2,80 2,80 30y swap rate 13 27 2,67 2,85 2,75 2,70 2,70 Fed funds target rate 50 0 4,88 5,13 5,13 5,13 4,88 10y Treasuries -28 16 3,59 4,00 3,90 3,70 3,70 Equities index DAX 14,2 4,5 15.895 16.000 16.500 16.000 16.100 Euro Stoxx 50 15,8 4,4 4.394 4.350 4.450 4.350 4.380 Dow Jones 2,3 5,6 33.897 34.500 35.500 34.500 34.900 S&P 500 8,2 5,2 4.155 4.200 4.300 4.200 4.240 Nikkei 225 9,6 4,3 28.607 28.500 29.000 28.500 28.800 Gold / crude oil price Gold €/oz 6,9 -1,1 1.821 1.714 1.727 1.727 1.818 Gold $/oz 9,4 0,1 1.995 1.800 1.900 1.900 2.000 Brent crude $/barrel -3,2 9,5 83 78 83 89 89 Currencies exchange rate US dollar -2,3 -1,1 1,10 1,05 1,10 1,10 1,10 Japanese yen -4,9 -4,0 148 142 142 140 140 British pound 0,5 0,1 0,88 0,87 0,85 0,85 0,85 Swiss franc 0,6 1,0 0,98 1,02 1,04 1,05 1,05 \* 23.03.2023 \*\* 19.04.2023 Sources: Bloomberg, Helaba Research & Advisory Helaba forecast for end of period… vs. euro, % Change from... basis points in local currency, % %

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