---
title: "Table of forecasts"
url: https://www.helaba.com/en/table-forecasts-46
type: dd_research
language: en
updated: 2026-09-28
keywords: Länder & Regionen, Financial Market Forecast
---

# Table of forecasts

Markets and Trends September 2022 © Helaba | Research & Advisory | 22 September 2022 1 of 2 Research & Advisory Tables of forecasts Gross domestic product and inflation 2020 2021 2022f 2023f 2020 2021 2022f 2023f Euro area -6,2 5,2 3,0 1,1 0,3 2,6 7,6 4,4 Germany -4,1 2,6 1,5 0,4 0,5 3,1 7,4 5,0 France -7,9 6,8 2,6 1,0 0,5 2,1 5,7 3,6 Italy -9,1 6,6 3,5 1,5 -0,1 1,9 7,5 4,0 Spain -10,8 5,1 4,5 1,8 -0,3 3,0 9,0 4,0 Netherlands -3,8 4,9 2,5 1,2 1,1 2,8 9,2 4,0 Austria -6,9 4,8 3,8 1,3 1,4 2,8 8,2 4,4 Sweden -2,3 4,8 1,7 1,0 0,5 2,2 7,4 4,2 Poland -2,1 5,8 4,4 2,0 3,4 5,1 13,4 8,3 Czech Republic -5,5 3,5 2,1 1,8 3,2 3,8 14,7 5,5 Hungary -4,7 7,1 4,3 2,1 3,3 5,1 11,5 7,3 United Kingdom -9,3 7,4 3,5 0,0 0,9 2,6 9,0 6,5 Switzerland -2,4 3,8 2,5 1,5 -0,7 0,6 2,5 1,5 USA -3,4 5,7 1,8 1,5 1,2 4,7 8,2 4,0 Japan -4,6 1,7 1,3 1,7 0,0 -0,2 2,5 1,5 Asia ex Japan -0,6 6,9 4,0 4,7 3,0 2,4 3,9 3,1 China 2,3 8,2 3,5 5,0 2,5 0,9 2,5 2,5 India\* -6,6 8,9 7,0 5,2 6,6 5,1 6,9 5,0 Russia -3,1 3,7 -9,0 0,0 3,4 6,7 16,0 9,0 Turkey 1,8 11,0 3,3 3,5 12,3 19,6 45,0 18,0 Latin America\*\* -7,3 7,0 2,4 2,3 6,5 11,3 13,1 8,7 Brazil -4,1 5,0 1,0 2,0 3,2 8,3 8,0 5,0 World -3,1 6,1 2,8 3,0 2,3 3,9 7,0 4,4 \*India: Financial Year; \*\* Latin America ex Venezuela due to hyperinflation; f=forecast, 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 | 22 September 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 re-searched 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\*\* Q4/2022 Q1/2023 Q2/2023 Q3/2023 Interest rates % ECB refinancing rate 125 75 1,25 2,00 2,50 2,50 2,50 ECB deposit rate 125 75 0,75 1,50 2,00 2,00 2,00 Overnight rate €STR 125 74 0,66 1,45 2,00 2,00 2,00 3M Euribor 169 60 1,12 2,00 2,30 2,30 2,35 6M Euribor 231 78 1,77 2,20 2,40 2,40 2,40 2y Bunds 238 89 1,76 1,70 1,85 1,90 1,90 5y Bunds 229 75 1,84 1,70 1,90 1,95 1,95 10y Bunds 207 58 1,89 1,70 1,90 2,00 2,00 2y swap rate 307 96 2,77 2,70 2,70 2,65 2,60 5y swap rate 269 73 2,71 2,60 2,75 2,75 2,70 10y swap rate 239 50 2,69 2,60 2,80 2,85 2,85 20y swap rate 193 28 2,48 2,50 2,70 2,75 2,80 30y swap rate 163 17 2,11 2,30 2,50 2,60 2,65 Fed funds target rate 300 75 3,13 4,13 4,38 4,38 4,38 10y Treasuries 202 50 3,53 3,60 3,80 3,90 3,80 Equities index DAX -19,6 -3,8 12.767 14.000 15.000 15.300 15.700 Euro Stoxx 50 -18,8 -5,0 3.492 3.800 4.050 4.150 4.175 Dow Jones -16,9 -9,3 30.184 33.700 35.500 36.200 36.500 S&P 500 -20,5 -9,7 3.790 4.200 4.450 4.550 4.675 Nikkei 225 -5,1 -4,1 27.313 29.000 31.000 31.500 32.000 Gold / crude oil price Gold €/oz 5,8 -3,5 1.702 1.714 1.714 1.636 1.727 Gold $/oz -8,5 -4,8 1.674 1.800 1.800 1.800 1.900 Brent crude $/barrel 15,5 -9,6 90 90 83 85 87 Currencies exchange rate US dollar 15,6 1,4 0,98 1,05 1,05 1,10 1,10 Japanese yen -7,7 -4,0 142 140 138 142 142 British pound -3,6 -3,4 0,87 0,82 0,82 0,82 0,85 Swiss franc 9,1 1,1 0,95 1,01 1,03 1,05 1,05 \* 08/25/2022 \*\* 09/21/2022 Sources: Bloomberg, Helaba Research & Advisory 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.