Germany

In Europe 30th July 2025

Germany to back draft 2026 budget that includes record €126.7 billion investment and €174.3 billion loan

Norbolsa | The German government will back a draft budget for 2026 on Wednesday that includes record investment of €126.7 billion and a loan of €174.3 billion as part of its fiscal bazooka for infrastructure and defence. The draft budget for 2026, with total spending of €520.5 billion, includes €126.7 billion in investments aimed at modernising the country (10% above 2025 and 70% above 2024).

In Europe 10th July 2025

Germany records trade surplus of €18.4 billion in May, France increases deficit to €7.8 billion

Singular Bank | According to Destatis, in May, German exports fell by 1.4% compared to the previous month (versus -1.6% in April), standing at €129.4 billion. At the same time, imports contracted by 3.8% compared to the previous month (versus +2.2% in April), reaching a value of €111.1 billion. Given this development, Germany’s trade balance in May recorded a surplus of €18.4 billion, exceeding analysts’ consensus estimates (€15.7 billion). On…

European economy 6th June 2025

German government approves €46 billion tax relief package

Bankinter | The German government has approved a tax relief package worth €46 billion (11% of GDP), which will need to be ratified by parliament. The stimulus includes a corporate tax cut of 1% a year from 2028 (to 25% from the current 30%) and deductions for the purchase of new machinery and other equipment. The Houses could pass it by the end of the summer. Bankinter analysis team’s view:…

European economy 16th May 2025

Economic sentiment in Germany improves again, perception of Europe stands at 11.6 points

CdM | Economic sentiment has improved again in Germany. In the May survey, the ZEW indicator shows that, at 25.2 points, it is 39.2 points higher than in the previous month, thus clearly in positive territory. ‘With the arrival of the new government, some progress in the tariff disputes and a stabilising inflation rate, optimism has increased.’ This is according to ZEW President Professor Achim Wambach, who adds that ‘expectations…

In Europe 13th May 2025

Moody’s confirms Germany’s rating at Aaa, with stable outlook, but stagnant economy still expected for 2025

Bankinter | Moody’s confirms its rating at Aaa, with a stable outlook. It views the defence and infrastructure investment plan positively and revises its growth forecasts upwards by 0.5 p.p. to 1.4% in 2026 and 1.3% on average between 2026 and 2023. For 2025, it still expects the German economy to remain stagnant. Analysis team’s view: Good news. The support of the rating agencies should bolster the Bund, following the…

European economy 21st April 2025

German investor confidence plummets after ‘Liberation Day’ to -14 points in April, from 51.6 previously

CdM | German investor confidence has worsened significantly in April as a result of “erratic changes” in US trade policy, according to the Leibniz Centre for European Economic Research (ZEW), reports Europa Press this morning. Specifically, the German investor confidence figure stood at -14 points in April, compared to 51.6 in the previous month, which is the worst reading of the index since July 2023, after suffering the biggest monthly…

In Europe 15th April 2025

Germany to grow 0.1% in 2025 from 0.8% expected in September, German economic institutes say

Norbolsa | German economic institutes last week downgraded growth expectations for the German economy to 0.1% in 2025 from 0.8% expected in September, when considering Trump’s tariffs on steel, aluminium and cars. The tariffs announced on April 2, but suspended on Wednesday, could further drain the German economy and lead to a third consecutive year of contraction, the institutes said, although they did not include them in their economic projections….

In Europe 8th April 2025

Germany’s February trade balance stands at €17.7 billion

Bankinter | February’s Trade Balance and Industrial Production, not yet affected by the new tariff environment. (i) Industrial Production -down 4.0% in February against the 3.6% drop estimated and 1.6% previous. (ii) Trade balance €17.7 billion against €18.5 billion estimated and €16.2 billion previous (revised from €16 billion). Exports up 1.8% month-on-month versus 1.5% estimated and 0.0% previous (revised from 2.5% down). Imports up 0.7% month-on-month against the 0.4% drop…

European economy 2nd April 2025

Inflation in Europe: preliminary data in Germany eases one-tenth in March to 2.2% year-on-year, Portugal from 2.4% to 1.9%

Bankinter | Inflation (preliminary data) in Germany eases one-tenth in March to 2.2% (versus expected 2.2% versus previous 2.3%). Today the EMU CPI was published, standing at +2.2% versus the previous +2.3%. For now, inflation is improving in Germany, Spain (+2.3% versus +3.0% previously) and Portugal (+1.9% versus 2.4% previously), remains stable in France (+0.8%) and is picking up in Italy (+2.0% versus +1.6% previously). Indeed, in Portugal, the preliminary…

In Europe 19th March 2025

ZEW index economic expectations for Germany ‘improve considerably’ in March

CdM | Germany’s economic expectations ‘improve considerably’ in March. The ZEW indicator of economic sentiment stands at 51.6 points, which is 25.6 points above the previous month’s figure and exceeding the market forecast of 48.1. The last time the indicator increased so substantially was in January 2023. ‘This optimism is probably due to positive signals about future German fiscal policy, such as the agreement on the multi-billion-euro financial package for…

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