In addition to the regularly recurring questions on enterprise metrics, expectations and access to loans, the Bundesbank frequently asks enterprises questions on various current issues. A selection of the results is presented here.

Firms’ short-term inflation expectations remained stable between 2.8 % and 2.9 % over the course of the fourth quarter of 2025. The median remained unchanged at 2.5 %.

In the fourth quarter of 2025, 29 % of firms expected their short-term liquidity to decline over the next 4 months, while 16 % expected their liquidity to increase. An unchanged 29 % of firms anticipated a higher need for credit financing, while 15 % of firms expected a decline in their need for credit financing. 20 % of firms expected their access to finance to decrease, whereas 9 % of firms anticipated increased access, as in the previous quarter.

In the fourth quarter of 2025, 35 % of firms reported a decline in their short-term liquidity over the previous 12 months. By contrast, an unchanged 19 % of firms recorded an increase in their liquidity. The need for credit financing rose for 27 % of firms, but fell for 18 % of firms. 22 % of firms reported decreased access to financing sources, whilst a further 7 % reported an improvement in this regard.

In the fourth quarter of 2025, slightly fewer firms than in the third quarter reported that they had conducted loan negotiations in the respective quarter prior to the survey period (Q4: 14.6 %, Q3: 15.7 %).

At a press conference today, Bundesbank President Joachim Nagel and First Deputy Governor Sabine Mauderer presented the Bundesbank’s Annual Report for 2025. The loss for the year declined further in 2025, as expected. In view of a significant improvement in profitability, the Bundesbank reported a loss for the year of €8.6 billion, Mr Nagel explained.

German economic output rose significantly in the fourth quarter of 2025, according to the Monthly Report. Growth towards the end of the year was primarily driven by private and government consumption. Households probably also benefited from strong wage growth. Industry grew its production and construction output rose significantly. According to the experts, there is no sign of any short-term trend reversal for the better in the labour market. The inflation rate stood at around 2 % at the turn of the year.

The Deutsche Bundesbank, 19 national central banks of the European System of Central Banks (ESCB) and the European Central Bank (ECB), have today jointly launched Phase III of the EU-funded “Programme for Strengthening the Central Bank Capacities in the Western Balkans” with a view to the integration to the European System of Central Banks. 

In the Federal Republic of Germany, payment services are regulated pursuant to the Payment Services Oversight Act (Zahlungsdiensteaufsichtsgesetz, ZAG).

The following datasets have been updated by the RDSC and are now available for research projects:
BOP-F, SIFCT, BOP-HH

Der gewichtete Indikator der Kreditfinanzierungskosten für neue Kredite an Unternehmen lag unverändert bei 3,57 %, während der entsprechende Indikator für neue Wohnungsbaukredite an private Haushalte mit 3,35 % ebenfalls weitgehend stabil blieb.