In spite of ongoing strains and additional headwinds as a result of the war in the Middle East, real gross domestic product (GDP) is likely to have increased slightly in the first quarter of 2026 after seasonal adjustment, says the Bundesbank in its April Monthly Report. Nonetheless, industry is suffering from structural barriers to growth, which are undermining its competitive position. Furthermore, the significant rise in fuel prices in March has weighed heavily on households’ purchasing power. The Bundesbank’s experts anticipate that inflation will remain significantly elevated over the coming months as well.

The German current account recorded a surplus of €20.0 billion in February 2026. This was €3.9 billion up on the previous month’s level. 

Germany’s current account recorded a surplus of €17.1 billion in January 2026, slightly down on the previous month’s level. Although the surplus in the goods account increased, the surplus in invisible current transactions, which comprise services as well as primary and secondary income, declined slightly more sharply. 

Since January 2022
President of the Deutsche Bundesbank
Member of the Governing Council of the ECB

Overview of the most important content-related amendments to the external reporting system.

The Governing Council today decided to keep the three key ECB interest rates unchanged. It is determined to ensure that inflation stabilises at the 2 % target in the medium term. The war in the Middle East has made the outlook significantly more uncertain, creating upside risks for inflation and downside risks for economic growth. 

Notes on methodology and links