Highlights from the latest Bundesbank monthly report

  • Current account analysis is more than just trade
  • Q1 growth could exceed Q4
  • Unchanged strong consumer and one off effects from industry and construction helped activity in Jan
  • Employment has been strong but the intensity of recruitment could weaken somewhat
  • German HICP to stay negative over the coming months

The German central bank expects a game of two halves expected for the next two quarters.