Herbst 2025: Finanzpolitische Impulse lassen auf sich warten
The German economy shows no signs of a significant recovery at the end of 2025. Economic output stagnated in the third quarter, with exports declining, particularly to the United States, due to the tariff agreement between the EU and the United States. Domestic demand remains weak, private investment and consumption are declining, and companies are hesitant due to uncertain economic policy. Public investment and consumption, on the other hand, have expanded, but the stimulus from the special fund for infrastructure and climate neutrality remains low. A slight economic recovery is expected for 2026, with GDP growth of 1.0% supported by public investment and a moderate improvement in exports. However, the competitiveness of German exporters remains a problem. Private consumption will recover only slowly, as disposable income is rising weakly due to low wage growth. GDP growth of 1.4% is forecast for 2027.
Schmidt, T., N. Benner, B. Blagov, M. Dirks, N. Isaak, D. Grozea-Helmenstein, R. Jessen, S. Kotz, C. Krause, M. Nöller, P. Schacht-Picozzi and K. Weyerstraß (2025), Herbst 2025: Finanzpolitische Impulse lassen auf sich warten. RWI Konjunkturberichte, 76, A06