Germany: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

International Monetary Fund

No 2026/036, IMF Staff Country Reports from International Monetary Fund

Abstract: The German economy has been hit with large shocks in recent years, including an energy-price shock following Russia’s invasion of Ukraine, rapid monetary tightening required to contain subsequent inflation, and heightened trade-related headwinds. These external shocks, together with weak underlying productivity growth, in part due to stalled structural reforms at both the EU and German level, have contributed to three years of negative or very low growth.

Pages: 93
Date: 2026-02-12
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