In June, households in Germany expected real estate prices in their region to rise by an average of 5.2 % over the next twelve months, which represents an increase of 0.1 percentage point compared with the previous month. There were no notable changes when asking about qualitative expectations: In June, 62 % of households expected property prices to rise and 6 % expected property prices to fall over this period (May: 60 % and 7 %, respectively).

German enterprises constitute net debtors vis-à-vis non-residents: Standing at €1831 billion at the end of May 2026, their liabilities arising from financial operations and trade credits, exceeded their corresponding assets of €1539 billion by €292 billion. Compared with the previous month, this is a change of €27 billion.

Financial operations with foreign non-banks are of particular importance here, while those with foreign banks play a secondary role. The first group accounts for 71 % of claims and 82 % of liabilities. At 20 % and 16 % respectively, the share of trade credits in these total figures remains comparatively small.

Real interest rates are interest rates that have been adjusted for developments in purchasing power. They are broadly calculated as the difference between the nominal interest rate and the inflation rate (in the case of low interest rates and relatively stable prices).

The war in the Middle East is weighing on the German economy and will initially slow down the recovery that began in the winter half-year, the Bundesbank’s latest Forecast for Germany states. Nevertheless, Bundesbank President Joachim Nagel is confident: Economic activity will gain traction again over our forecast horizon up to 2028, he said when presenting the Bundesbank’s new Forecast for Germany. The forecast projects that the inflation rate will rise to almost 3% in 2026 and 2027, only returning to just below 2% in 2028.

Der Vorstand der Deutschen Bundesbank hat mit sofortiger Wirkung eine Anpassung der Geschäftsverteilung beschlossen.

Die Bundesbank hatte auf Anfrage der Alterssicherungskommission ihre Berechnungen aus dem Monatsbericht von Juni 2025 zu Ab- und Zuschlägen aktualisiert. Die aktualisierten Berechnungen berücksichtigen insbesondere neuere demografische Annahmen sowie die Rückkehr zum Nachhaltigkeitsfaktor nach 2031. Darüber hinaus haben wir die Methodik und die Darstellung überarbeitet, ergänzende Szenarien berechnet sowie Berechnungsansätze und technische Annahmen ausführlicher erläutert.