Germany’s Fiscal Impulse: An Update
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Europe in Flux

Germany’s Fiscal Impulse: An Update

06 February 2026 / Article

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Germany’s return to growth in 2025 is increasingly supported by a broad-based fiscal impulse led by energy spending, providing evidence the €500 billion special fund is finally reaching the real economy. If execution remains smooth and the macro backdrop continues to stabilize, this support should raise the likelihood of firmer growth in the near term.

Germany’s return to growth in 2025 is increasingly supported by a broad-based fiscal impulse led by energy spending, providing evidence the €500 billion special fund is finally reaching the real economy. If execution remains smooth and the macro backdrop continues to stabilize, this support should raise the likelihood of firmer growth in the near term.

Author

Konstantinos Panitsas

Konstantinos Panitsas Konstantinos Panitsas

Economist
The Conference Board

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