Central Banks

Nagel Says Tariff-Driven Frontloading Helped Boost Germany at Start of Year

Deutsche Bundesbank president Joachim Nagel
Photographer: Alex Kraus/Bloomberg

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By Mark Schroers

May 27, 2025 at 5:15 PM UTC

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The upgrade of Germany’s first-quarter output numbers is primarily due to businesses and exporters attempting to get ahead of expected US tariffs, according to Bundesbank President Joachim Nagel.