According to the Federal Statistical Office’s flash estimate, seasonally adjusted real gross domestic product (GDP) recorded a quarter-on-quarter decline of 0.1 % in the second quarter, after still rising markedly in the previous two quarters. The Monthly Report states that after US tariffs were raised in April, industrial output and exports recorded a fall-off. While private consumption benefited from a sharp rise in wages, the labour market remained too weak to generate stronger momentum. The inflation rate fell distinctly in the second quarter.

on the subject of External sector

Germany’s current account recorded a surplus of €15.1 billion in November 2025, up €0.3 billion on the previous month’s level. Although the surplus in the goods account decreased, the swing to a surplus in invisible current transactions, which comprise services as well as primary and secondary income, was slightly stronger.

In a piece for the Financial Times, Executive Board member Michael Theurer has addressed the issue of the sovereign-bank nexus. This close link between banks and their home-country sovereign debt represents a significant threat to financial stability in the euro area. Breaking this cycle is crucial to safeguarding the stability of the euro area financial system, Theurer emphasises.

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