QII-2025 QUARTERLY REPORT GERMANY
First-quarter GDP growth exceeds expectations Economic output also rose slightly over the six months of autumn 2024 and winter 2025
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The German economy picked up speed tangibly in the first quarter of the year, boosted by one-time effects. The outlook for the year overall remains subdued.
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Private consumption rose slightly at the start of the year. Consumers are no longer quite as reticent, and the savings rate nudged down.
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Manufacturing appears to be bottoming out. Gross value added and manufacturing output were both up on the previous quarter in the first quarter of the year.