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KfW Business Cycle Compass Germany / Eurozone

Forecast of German GDP
(including Eurozone from May 2020)

Forwarding to KfW Research

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