Macro - Country Economic Forecasts - Germany
We've lowered our GDP forecasts for Germany by 0.1ppt to a nil result in 2024 and by 0.3ppts to 0.9% growth in 2025. The surprise contraction in Q2 GDP undermined our expectation that Germany's economy would exit its two-year stagnation. The 0.1% q/q fall partially reversed Q1's 0.2% gain and left the economy barely above its pre-pandemic level. Surveys and high-frequency indicators disappointed as well, suggesting that some of the downside risks we had flagged are materialising.
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