---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-43
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends December 2022 © Helaba | Research & Advisory | December 2022 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 3.1 0.2 1.4 2.6 8.2 5.3 3.5 Germany 2.6 1.5 -0.6 1.3 3.1 8.0 6.0 3.5 France 6.8 2.5 0.5 1.5 2.1 5.7 3.8 3.0 Italy 6.7 3.3 0.2 1.7 1.9 7.8 4.3 3.0 Spain 5.5 4.4 1.0 2.0 3.0 8.8 4.3 3.5 Netherlands 4.9 4.3 -0.3 1.9 2.8 12.5 11.0 5.0 Austria 4.7 4.2 0.7 2.3 2.8 8.3 6.0 3.3 Sweden 4.8 2.3 0.2 1.2 2.2 8.4 8.0 2.2 Poland 6.7 3.6 1.0 3.0 5.1 13.9 10.0 4.2 Czech Republic 3.5 2.1 0.6 2.7 3.8 16.0 9.4 3.0 Hungary 7.1 4.7 0.8 3.3 5.1 13.0 11.5 3.5 United Kingdom 7.5 4.4 -1.0 1.5 2.6 9.0 6.5 3.7 Switzerland 4.2 2.3 1.0 1.9 0.6 2.9 2.0 1.3 USA 5.9 1.8 0.5 1.8 4.7 8.1 4.0 2.5 Japan 1.7 1.3 0.7 1.0 -0.2 2.5 1.5 1.0 Asia ex Japan 6.9 4.0 4.7 4.5 2.4 3.9 3.1 2.8 China 8.2 3.5 5.0 5.0 0.9 2.5 2.5 2.5 India\* 8.9 6.7 5.2 4.8 5.1 6.9 5.0 4.5 Russia 4.7 -9.0 0.0 2.0 6.7 16.0 9.0 3.6 Turkey 11.1 3.3 3.5 3.5 19.6 45.0 18.0 11.2 Latin America\*\* 7.0 2.4 2.3 2.7 10.3 13.1 8.7 5.6 Brazil 4.6 1.0 2.0 2.3 8.3 8.0 5.0 3.5 World 6.2 2.8 2.6 3.1 3.8 7.1 4.6 3.1 \*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 | December 2022 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. 31/12/2021 last month\* Latest\*\* Q1/2023 Q2/2023 Q3/2023 Q4/2023 Interest rates % ECB refinancing rate 200 0 2.00 2.75 2.75 2.75 2.75 ECB deposit rate 200 0 1.50 2.25 2.25 2.25 2.25 Overnight rate €STR 199 0 1.40 2.20 2.25 2.25 2.25 3M Euribor 265 28 2.08 2.60 2.70 2.70 2.70 6M Euribor 307 23 2.52 2.70 2.75 2.75 2.75 2y Bunds 275 1 2.13 2.00 2.00 2.00 2.00 5y Bunds 239 -6 1.93 2.15 2.20 2.15 2.15 10y Bunds 212 -8 1.94 2.30 2.40 2.30 2.30 2y swap rate 316 -1 2.87 2.85 2.75 2.75 2.70 5y swap rate 264 -8 2.65 3.00 3.00 2.95 2.90 10y swap rate 230 -17 2.60 3.20 3.25 3.10 3.10 20y swap rate 185 -23 2.39 2.80 2.90 2.90 2.85 30y swap rate 152 -25 2.00 2.85 2.95 2.80 2.80 Fed funds target rate 425 50 4.38 4.38 4.38 4.38 4.38 10y Treasuries 197 -29 3.48 3.80 3.90 3.80 3.70 Equities index DAX -9.0 1.4 14,460 14,000 15,000 15,500 16,000 Euro Stoxx 50 -7.5 2.5 3,975 3,850 4,100 4,150 4,200 Dow Jones -6.5 1.3 33,966 34,000 36,000 36,500 37,000 S&P 500 -16.2 1.2 3,995 4,250 4,500 4,650 4,800 Nikkei 225 -2.2 0.8 28,156 30,000 32,000 33,000 33,500 Gold / crude oil price Gold €/oz 5.2 -0.4 1,692 1,714 1,714 1,727 1,727 Gold $/oz -1.2 2.7 1,807 1,800 1,800 1,900 1,900 Brent crude $/barrel 6.3 -7.9 83 83 85 87 89 Currencies exchange rate US dollar 6.4 -3.0 1.07 1.05 1.05 1.10 1.10 Japanese yen -9.5 0.4 145 145 142 142 140 British pound -2.1 1.6 0.86 0.88 0.87 0.85 0.85 Swiss franc 5.1 -0.1 0.99 1.00 1.02 1.04 1.05 \* 11/17/2022 \*\* 12/14/2022 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.