We left our near-term forecasts largely unchanged this month at 0% GDP growth for this year and 0.9% for 2026, with inflation at 2.2% in 2025 and 1.8% in 2026. This stability reflects that GDP grew by the expected 0.2% q/q in Q1, that our tariff assumptions haven't changed, and that the new German government, having entered office, hasn't yet revealed any policy changes.
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