[REVISION HISTORY]

German economy modest growth, inflation 2.8% post‑rebate

Updated 13 times since CLSTR started tracking revisions of this situation.

What changed

2026-07-30 13:53 UTC → 2026-07-30 15:12 UTC · added ~~removed~~

Germany’s economy ~~kept~~ continued a modest expansion in Q2 2026, with a real GDP rising about 0.2 % ~~seasonally‑adjusted gain,~~ quarter‑on‑quarter, slightly above the 0.1 % forecast and marking a third consecutive quarter of growth. Export volumes ~~rose,~~ increased while household consumption ~~held steady~~ remained flat and ~~a large~~ private investment fell, despite multi‑billion‑euro state ~~programme supported~~ programmes in infrastructure and ~~defence, while private investment fell. Import prices~~ defence. The Ifo Institute reported an improvement in business sentiment. Import‑price data for June ~~jumped~~ showed a 6.1 % ~~year‑on‑year,~~ year‑on‑year rise, driven mainly by a 23.9 % ~~surge~~ jump in energy costs and a 10.3 % ~~rise~~ increase in intermediate ~~goods. Inflation,~~ goods; month‑on‑month prices fell 0.7 %. Export prices were 3.5 % higher year‑on‑year. Consumer‑price inflation, which ~~had~~ eased to 2.3 % in June, accelerated to 2.8 % in July after the temporary fuel‑tax rebate expired. Core inflation stayed ~~near~~ around 2.4 %. The ~~increase~~ jump stemmed ~~mainly~~ from an 8.3 % ~~year‑on‑year~~ rise in energy costs and roughly 20 % ~~and 18 % jumps~~ increases in diesel and gasoline prices, ~~respectively,~~ as well as a 70.8 % surge in electricity import prices. Regional CPI rates ranged from 2.5 % to 2.9 ~~% across the states. Import‑price data for June showed a 0.7 % month‑on‑month decline, while export prices were 3.5 % higher year‑on‑year.~~ %. Analysts ~~expect~~ link the ~~July CPI~~ energy‑price shock to ~~hold around 2.8 %. The Bundesbank highlighted resilience in industry and strong foreign demand, but warned that~~ ongoing Middle‑East ~~tensions could keep energy‑price shocks alive.~~ tensions, particularly the Iran conflict, and note that the outlook depends on how the broader US‑Iran situation evolves. The SPD has called for stricter enforcement of the 12‑hour gasoline price‑change rule, proposing fines up to ~~€100,000 for violations.~~ €100,000.

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