The German economy has stagnated for over two years, with a slow recovery anticipated in the coming quarters. However, growth is unlikely to reach pre-COVID-19 levels anytime soon. Decarbonisation, digitisation, demographic changes, and heightened competition from China are dampening growth prospects. GDP is projected to decline by 0.1 % in 2024, with increases of 0.8 % and 1.3 % in the subsequent years. Rising private consumption and improving foreign trade are expected to contribute positively to the economic upturn in Germany. Economic policy should prioritise reducing productivity barriers, facilitating structural changes, and lowering political uncertainty to support recovery.

The recent moderate pace of the global economy will continue for the time being. In Europe, the economy is likely to pick up slightly from the winter half-year 2024/2025. In Germany, the sluggish export business in particular is providing a lack of economic impetus. However, private consumption will contribute to a slight economic recovery in the winter half-year. Gross domestic product is likely to stagnate in 2024 and grow by 1.0% in 2025.

We estimate potential regional industrial effects in case of a threatening gas deficit. For Germany, the reduction leads to a potential decrease in industrial value added by 1.6 %. The heterogeneity across German states is remarkable, ranging from 2.2 % for Rhineland-Palatinate to 0.7 % for Hamburg. We emphasize the need for regional input-output tables to conduct economic analysis on a sub-national level, particularly when regional industrial structures are heterogeneous. The approximation with national figures can lead to results that differ both in magnitude and relative regional exposure. Our findings highlight that more accurate policy guidance can be achieved by improving the regional database.

Die deutsche Wirtschaft ist noch immer im Abschwung. Seit nunmehr zwei Jahren folgen abwechselnd minimale Zu- und Abnahmen von einem Quartal auf das nächste. Zuletzt nahm das Bruttoinlandsprodukt (BIP) im zweiten Quartal 2024 um 0,1% ab. Zuvor war es zwar um 0,2% gestiegen (vgl. Abbildung 1), aber auch dies reicht nicht aus, um die negative Produktionslücke zu verringern. Die Produktion in der Industrie und vor allem am Bau ist im zweiten Quartal spürbar gesunken. Auch im laufenden dritten Quartal ist die Stimmung der Unternehmen schlecht. Neben einer schwachen Nachfrage für Exportgüter gibt es eine Reihe von Gründen, warum ein Aufschwung noch nicht in Gang kommt: So wirken neben hohen Zinsen und Energiepreisen auch eine richtungslose Politik sowie eine Vielzahl geopolitischer Krisenherde investitionshemmend. Auch der nach wie vor hohe Krankenstand belastet die Wirtschaft. Alles in allem dürfte das Bruttoinlandsprodukt (BIP) laut IWH-Flash-Indikator im dritten Quartal 2024 um lediglich 0,2% steigen, was erneut keine konjunkturelle Trendwende bedeutet. Eine kräftigere Belebung könnte sich aufgrund steigender Realeinkommen am Jahresende einstellen.

The Mannheim Enterprise Panel linked to the Establishment History Panel (MUP-BHP) is made up of cross-sectional data sets from 2010 onwards. Each cross-section includes all limited liability companies (GmbH) from the Mannheim Company Panel (MUP) and their permanent establishments throughout Germany that are recorded in the Establishment History Panel (BHP) (BeH) as of 31.12. This linking of establishments and businesses is based on a record linkage of the address data of the MUP held by the Leibniz Centre for European Economic Research and the business address data at the IAB. The individual cross-sectional data sets contain information on the establishments and companies as well as an additional file on shareholders. The data sets can be linked to form a panel. This data report describes the Mannheim Enterprise Panel linked to the Establishment History Panel (MUP-BHP) 2010-2020.