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KfW Business Cycle Compass Germany / Eurozone

Forecast of German GDP
(including Eurozone from May 2020)

Forwarding to KfW Research

May 2023 Economic recovery with one foot on the brake(PDF, 196 KB, accessible)
February 2023 Quasi-stagnation in 2023(PDF, 190 KB, accessible)
November 2022 Recession has merely been put off for a bit(PDF, 172 KB, accessible)
August 2022 Between stagflation and recession(PDF, 139 KB, accessible)
May 2022 Recovery in the stranglehold of war(PDF, 117 KB, accessible)
February 2022 Upswing with risks(PDF, 244 KB, accessible)
November 2021 All is not lost that is delayed!(PDF, 90 KB, non-accessible)
August 2021 Growth is approaching pre-crisis levels but the upward trend is not endless(PDF, 161 KB, non-accessible)
May 2021 Germany and the euro area: at the end of the tunnel?(PDF, 130 KB, non-accessible)
February 2021 Germany and the euro area: Recovery merely paused by second wave(PDF, 126 KB, non-accessible)
November 2020 Hoping for a strong recovery after a difficult winter(PDF, 120 KB, non-accessible)
August 2020 A strong recovery so far but headwinds are increasing(PDF, 111 KB, non-accessible)
May 2020 The long path out of the coronavirus slump(PDF, 109 KB, non-accessible)
February 2020 Coronavirus outbreak is delaying the recovery of the German economy(PDF, 96 KB, non-accessible)
November 2019 Germany: The economic stalemate continues for the time being(PDF, 149 KB, non-accessible)
August 2019 Weak manufacturing drives Germany into technical recession(PDF, 183 KB, non-accessible)
May 2019 Domestic demand stabilises economy in difficult global environment(PDF, 187 KB, non-accessible)
February 2019 German economy takes a breather in 2019; growth should pick up again in 2020(PDF, 186 KB, non-accessible)
November 2018 Germany’s economy: not more than potential growth, with many downward risks(PDF, 185 KB, non-accessible)
August 2018 Solid growth but many risks(PDF, 53 KB, non-accessible)
May 2018 Germany’s upswing is losing some pace, cyclical risks are rising(PDF, 73 KB, non-accessible)
February 2018 Real growth will remain strong in 2018 but be more moderate in 2019(PDF, 55 KB, non-accessible)
November 2017 The German economy is moving ahead at full steam into the year 2018(PDF, 91 KB, non-accessible)
August 2017Germany’s real growth in 2017 and 2018: heading for two per cent
May 2017Germany’s economy in 2017/2018: like a long-distance runner
February 2017Germany's economy in 2017 and 2018: staying the course amid high risks
November 2016Outlook for 2017: German economy is on course but sailing into very foggy waters
August 2016Germany's economy is in good shape: solid growth despite Brexit vote
July 2016Germany and the euro area after Brexit: expected upturn will not now occur
May 2016German economy to strengthen noticeably after weak spring
February 2016Germany’s real growth in 2016 and 2017: not spectacular, but reliable
December 2015Recovery will pick up pace in 2016
August 2015Germany's economic engine still purring
June 2015A solid upturn – no more, no less
March 2015Weighed down, German growth is hardly accelerating despite strong tailwind
December 2014GDP in Germany: half steam ahead
August 2014German economy: stifled for now
May 2014German growth: return to cruising speed
February 2014Proper recovery – no more, but also no less
November 2013Germany in recovery mode – some risks remain
August 2013End of recession in Europe benefits Germany
May 2013Germany will narrowly avoid stagnation in 2013
February 2013Germany is quickly recovering from the concentration in the final quarter of 2012