Germany Federal Spending Picked Up Notably in April

German federal spending in April significantly beat expectations at EUR 45.8bn, primarily due to high outlays in climate and infrastructure funds. This trend suggests a stronger-than-expected fiscal expansion in 2026.

Key Takeaways

• 1.German federal expenditures in April reached EUR 45.8bn, significantly exceeding Goldman Sachs' EUR 42.2bn forecast.
• 2.The spending surprise was driven by the Infrastructure & Climate fund, which disbursed EUR 6.1bn against an expected EUR 2.9bn.
• 3.Fiscal data supports a notable expansion in 2026, projected to provide a fiscal impulse of approximately 0.6pp to the German economy.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS
• MAIN POINTS
• The European Economics Team
• Disclosure Appendix

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