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  • German Q3 growth was hit by falling consumption, but the spending details are better than the headline.
  • Investment in Germany is stabilising, but we’re yet to see evidence of the much hoped-for recovery.
  • Jump in government spending was mainly due to welfare spending, but borrowing is rising fast.

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Keywords for: 26 November 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence