Germany: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2024 Issue 229

Publication date: July 2024

ISBN: 9798400283260

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Topics covered in this book

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Labor , Banks and Banking , Inflation , Economics- Macroeconomics , Public Finance , article IV consultation discussion , supervisory authority , currency of Germany , energy-price shock , state's ability , Inflation , Labor markets , Public investment spending , Commercial banks , Global

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Summary

The economy contracted in 2023 due to high energy prices and interest rates. Headline inflation has fallen sharply as end-user energy prices have stabilized, but core inflation remains somewhat stickier, driven by services. Falling inflation and tight labor markets have turned real wage growth positive. High interest rates have boosted bank profitability, but part of this increase is likely temporary. High interest rates have exposed vulnerabilities in banks’ financing of commercial real estate activity.