德国央行：2026年4月月度报告（英文版）

German economic output is likely to stagnate in the first quarter of 2026. Following the significant increase in the previous quarter, real GDP might merely stagnate in the current quarter in seasonally adjusted terms. Capacity utilisation in industry remains low, which is dampening private investment. Owing to its weak competitive position, German industry can derive only limited benefits from global trade growth. The easing of fiscal policy is unlikely to provide a marked boost until later