Germany: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany
IMF Staff Country Reports, February 12, 2026
Source details
- Canonical URL
- Germany: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany
Other formats
Bibliographic details
- Published: February 12, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229038546.002
Executive summary and recent shocks
- The German economy experienced large shocks in recent years, including:
- an energy-price shock following Russia’s invasion of Ukraine;
- rapid monetary tightening required to contain subsequent inflation;
- heightened trade-related headwinds.
- These external shocks, together with weak underlying productivity growth—partly attributed to stalled structural reforms at both the EU and German level—have contributed to three years of negative or very low growth.
Main findings
- Growth performance:
- Three years of negative or very low growth.
- Structural weaknesses:
- Weak underlying productivity growth linked in part to stalled structural reforms at EU and German levels.
- External environment:
- Energy-price shock associated with Russia’s invasion of Ukraine.
- Heightened trade-related headwinds.
- Monetary policy response:
- Rapid monetary tightening to contain inflation following the energy-price shock.
Coverage, classification, and keywords
- Subject tags included in the source:
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Credit
- Crime
- Expenditure
- Money
- Public debt
- Public investment spending
- Keywords listed in the source:
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- arrangement of the euro area
- article IV consultation discussion
- Credit
- currency of Germany
- Europe
- exchange rate arrangement
- Global
- Public investment spending
- staff report
Content in this bundle
- 1deuea2026001