Treasury
3-MO 3.83% -7bp 6-MO 3.97% -10bp 1-YR 4.04% -5bp 2-YR 4.22% -4bp 3-YR 4.29% -2bp 5-YR 4.37% +2bp 7-YR 4.51% +4bp 10-YR 4.67% +6bp 20-YR 5.21% +10bp 30-YR 5.20% +11bp 3-MO 3.83% -7bp 6-MO 3.97% -10bp 1-YR 4.04% -5bp 2-YR 4.22% -4bp 3-YR 4.29% -2bp 5-YR 4.37% +2bp 7-YR 4.51% +4bp 10-YR 4.67% +6bp 20-YR 5.21% +10bp 30-YR 5.20% +11bp 3-MO 3.83% -7bp 6-MO 3.97% -10bp 1-YR 4.04% -5bp 2-YR 4.22% -4bp 3-YR 4.29% -2bp 5-YR 4.37% +2bp 7-YR 4.51% +4bp 10-YR 4.67% +6bp 20-YR 5.21% +10bp 30-YR 5.20% +11bp 3-MO 3.83% -7bp 6-MO 3.97% -10bp 1-YR 4.04% -5bp 2-YR 4.22% -4bp 3-YR 4.29% -2bp 5-YR 4.37% +2bp 7-YR 4.51% +4bp 10-YR 4.67% +6bp 20-YR 5.21% +10bp 30-YR 5.20% +11bp 3-MO 3.83% -7bp 6-MO 3.97% -10bp 1-YR 4.04% -5bp 2-YR 4.22% -4bp 3-YR 4.29% -2bp 5-YR 4.37% +2bp 7-YR 4.51% +4bp 10-YR 4.67% +6bp 20-YR 5.21% +10bp 30-YR 5.20% +11bp 3-MO 3.83% -7bp 6-MO 3.97% -10bp 1-YR 4.04% -5bp 2-YR 4.22% -4bp 3-YR 4.29% -2bp 5-YR 4.37% +2bp 7-YR 4.51% +4bp 10-YR 4.67% +6bp 20-YR 5.21% +10bp 30-YR 5.20% +11bp
US Treasury par yield curve · Jul 29 · Source: U.S. Treasury
Thursday, July 30, 2026
U.S. Edition
MONEY & WORLD
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Germany

Germany grew 0.2 percent in the second quarter, and the same release revised the 2024 contraction away

Money & World
The Editorial Team ·
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Photo: Kaboompics / Pexels

Germany did not shrink in 2024 after all.

That is not a new estimate of a new quarter. It is the annual summer revision, published on Thursday inside the routine flash estimate of second-quarter output, and it replaces a previously reported fall in economic performance of 0.5 percent in 2024 with stagnation at 0.0 percent. The Federal Statistical Office attributes the change in particular to structural business statistics, which arrive only 18 months after the end of the reporting year and which give detailed data on turnover, investment and, above all, the cost structure of businesses for the first time.

The other revised years moved barely at all. The 2022 rate is 0.1 percentage points higher, the 2023 rate 0.1 percentage points lower, and 2025 is unchanged at 0.2 percent.

The quarter itself

Gross domestic product grew 0.2 percent in the second quarter of 2026 against the first, adjusted for price, seasonal and calendar variations. The first quarter was revised up to 0.4 percent from the 0.3 percent published in April.

Against the same quarter of 2025, output was 0.9 percent higher after price adjustment, and 0.9 percent higher again after calendar adjustment, because the two quarters held the same number of working days.

On the provisional figures the composition splits three ways. Exports rose against the previous quarter. Final consumption expenditure showed what the office calls a subdued trend. Capital formation declined.

The revision that goes back to 2011

The office also did something it says is a departure from usual procedure, and recalculated the years 2011 to 2021.

Two inputs drove it. Average rents for rented dwellings have been recalculated from the results of the 2022 Census of Buildings and Housing, and direct purchases by domestic households abroad are now captured more comprehensively than they were, on data that has only recently become available. The effect on any single year is small, at up to 0.1 percentage points higher. The effect across the decade is not. Cumulative GDP growth from 2011 to 2021 is 0.8 percentage points higher than previously indicated.

The office says it will explain both revisions further when it publishes detailed second-quarter results on 25 August 2026.

The document: Statistisches Bundesamt (Destatis), 'Gross domestic product in the 2nd quarter of 2026 up 0.2% on the previous quarter', press release No. 269 of 30 July 2026, Wiesbaden. Headline figures as stated: GDP +0.2 percent on the previous quarter, price, seasonally and calendar adjusted; +0.9 percent on the same quarter a year earlier, price adjusted; +0.9 percent on the same quarter a year earlier, price and calendar adjusted, the release noting the second quarter of 2026 had the same number of working days as the second quarter of 2025; the first quarter of 2026 revised to +0.4 percent from a previously published +0.3 percent. Composition as stated on provisional figures: exports up on the previous quarter after adjustment, final consumption expenditure showing a subdued trend, capital formation declining. Revision as stated: the summer revision covered 2022 to 2025, with 2022 0.1 percentage points higher and 2023 0.1 percentage points lower; for 2024 a previously reported drop in economic performance of 0.5 percent is replaced by stagnation at 0.0 percent, attributed in particular to new information from structural business statistics which become available only 18 months after the end of the reporting year; the 2025 rate is unchanged at +0.2 percent. Additionally the years 2011 to 2021 were recalculated, which the release describes as a departure from the usual procedure, following incorporation of average rents for rented dwellings calculated from the 2022 Census of Buildings and Housing and a more comprehensive capture of direct purchases of domestic households abroad; annual price-adjusted change rates for 2011 to 2021 are up to 0.1 percentage points higher and cumulative growth over that period is 0.8 percentage points higher. Further detail is promised with the detailed second-quarter results on 25 August 2026. Read end to end 30 July 2026..

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