KfW Business Cycle Compass Germany

    KfW Business Cycle Compass Germany / Eurozone

    Forecast of German GDP

    (including Eurozone from May 2020)

    May 2024 The economy is growing again
    February 2024 Slow growth after a difficult winter
    November 2023 Germany’s economy in 2024: a first silver lining on the horizon
    August 2023 Headwinds abound, but a consumption-driven recovery is on the cards
    May 2023 Economic recovery with one foot on the brake
    February 2023 Quasi-stagnation in 2023
    November 2022 Recession has merely been put off for a bit
    August 2022 Between stagflation and recession
    May 2022 Recovery in the stranglehold of war
    February 2022 Upswing with risks
    November 2021 All is not lost that is delayed!
    August 2021 Growth is approaching pre-crisis levels but the upward trend is not endless
    May 2021 Germany and the euro area: at the end of the tunnel?
    February 2021 Germany and the euro area: Recovery merely paused by second wave
    November 2020 Hoping for a strong recovery after a difficult winter
    August 2020 A strong recovery so far but headwinds are increasing
    May 2020 The long path out of the coronavirus slump
    February 2020 Coronavirus outbreak is delaying the recovery of the German economy
    November 2019 Germany: The economic stalemate continues for the time being
    August 2019 Weak manufacturing drives Germany into technical recession
    May 2019 Domestic demand stabilises economy in difficult global environment
    February 2019 German economy takes a breather in 2019; growth should pick up again in 2020
    November 2018 Germany’s economy: not more than potential growth, with many downward risks
    August 2018 Solid growth but many risks
    May 2018 Germany’s upswing is losing some pace, cyclical risks are rising
    February 2018 Real growth will remain strong in 2018 but be more moderate in 2019
    November 2017 The German economy is moving ahead at full steam into the year 2018
    August 2017 Germany’s real growth in 2017 and 2018: heading for two per cent
    May 2017 Germany’s economy in 2017/2018: like a long-distance runner
    February 2017 Germany's economy in 2017 and 2018: staying the course amid high risks
    November 2016 Outlook for 2017: German economy is on course but sailing into very foggy waters
    August 2016 Germany's economy is in good shape: solid growth despite Brexit vote
    July 2016 Germany and the euro area after Brexit: expected upturn will not now occur
    May 2016 German economy to strengthen noticeably after weak spring
    February 2016 Germany’s real growth in 2016 and 2017: not spectacular, but reliable
    December 2015 Recovery will pick up pace in 2016
    August 2015 Germany's economic engine still purring
    June 2015 A solid upturn – no more, no less
    March 2015 Weighed down, German growth is hardly accelerating despite strong tailwind
    December 2014 GDP in Germany: half steam ahead
    August 2014 German economy: stifled for now
    May 2014 German growth: return to cruising speed
    February 2014 Proper recovery – no more, but also no less
    November 2013 Germany in recovery mode – some risks remain
    August 2013 End of recession in Europe benefits Germany
    May 2013 Germany will narrowly avoid stagnation in 2013
    February 2013 Germany is quickly recovering from the concentration in the final quarter of 2012


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    KfW Research

    Current analyses, indicators and polls on business cycles and the economy, both in Germany and worldwide.