1 Germany’s economic recovery is continuing
2 Industry is slowly working its way past its bout of weakness
3 Private consumption is expected to pick up somewhat
4 Labour market largely unchanged
5 Energy prices mixed of late
6 Inflation rate up again in May
List of references
For further information on the outlook for the German economy, see Deutsche Bundesbank (2024). Seasonal adjustment here and in the remainder of this text also includes adjustment for calendar variations, provided they can be verified and quantified. Excluding the manufacture of motor vehicles and motor vehicle parts, industrial output declined. The registration figures for new electric vehicles, in particular, have been very low since the sharp decline at the turn of the year. The end of the environmental bonus for private electric vehicles led to anticipatory effects in December 2023 and a sharp drop in the number of electric car registrations in January. Despite the higher number of unemployed, the unemployment rate did not rise as the number of active workers also increased – partly owing to high immigration. The Federal Employment Agency adjusts this figure, which is used to calculate the unemployment rate, only once a year – usually in May – and in doing so catches up on the developments of the past 12 months. For more on the inflation outlook, see Deutsche Bundesbank (2024).