Macroeconomic situation
| T013 | GDP development | |||||
|---|---|---|---|---|---|---|
| in % | 20251) | 2024 | 2023 | 2022 | 2021 | |
| World | 2.9 | 2.8 | 3.0 | 3.4 | 6.6 | |
| Europe | 1.7 | 1.2 | 0.7 | 3.9 | 6.8 | |
| Germany | 0.3 | -0.5 | -0.7 | 1.9 | 3.9 | |
| North America | 2.1 | 2.7 | 2.9 | 2.7 | 6.1 | |
| South America2) | 2.3 | 2.1 | 2.3 | 4.1 | 7.3 | |
| Asia/Pacific | 4.4 | 4.1 | 4.6 | 3.5 | 6.9 | |
| China | 5.0 | 5.0 | 5.4 | 3.1 | 8.6 | |
| Middle East | 3.6 | 1.7 | 1.8 | 8.0 | 5.3 | |
| Africa | 4.1 | 3.3 | 3.7 | 3.9 | 4.8 | |
| Source: S&P Global as of 15 January 2026 1) Forecast. 2) Excluding Venezuela. | ||||||
Stable growth in global economy, economic output in Germany picks up again
Global economic growth stood at 2.9% in 2025 (previous year: 2.8%). Over the past three years this means the global economy has grown steadily by roughly 3% p.a. At 4.4%, Asia/Pacific remained the region with the highest growth rate in 2025 (previous year: 4.1%). In Europe, the economy grew by 1.7% (previous year: 1.2%). Germany reported a positive growth rate of 0.3% (previous year: -0.5%) for the first time since 2022.
Euro up against most major currencies
On average, the euro gained against most major currencies over the course of the year. The euro increased by an average of 6% against the Canadian dollar. The average exchange rate against both the US dollar and the Chinese renminbi was 4% higher than the previous year. The Japanese yen and the pound sterling fell against the euro by an average of 3% and 1% respectively. Against the Swiss franc, the euro fell by an average of 2%.
| T014 | Currency development EUR 1 in foreign currency | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| USD | 1.1282 | 1.0820 | 1.0814 | 1.0510 | 1.1821 | |
| JPY | 168.79 | 163.77 | 151.68 | 137.86 | 129.84 | |
| CHF | 0.9369 | 0.9524 | 0.9714 | 1.0040 | 1.0807 | |
| CNY | 8.1084 | 7.7848 | 7.6521 | 7.0754 | 7.6243 | |
| GBP | 0.8565 | 0.8464 | 0.8695 | 0.8523 | 0.8595 | |
| CAD | 1.5769 | 1.4818 | 1.4592 | 1.3684 | 1.4818 | |
| Source: Bloomberg, annual average daily price. | ||||||
Inflation rate falls
The rate of inflation declined in the reporting year. At the end of 2025, it averaged 3.3% worldwide (previous year: 4.5%). The inflation rate in Europe was 2.0% (previous year: 2.4%), and in Germany it stood at 1.8% (previous year: 2.6%).
Inflation in Europe therefore stabilised at around the target rate of 2.0%. The European Central Bank cut interest rates four times in the first half of 2025 to 2.15% and maintained this level for the remainder of the year (previous year: 3.15%). The Fed, the US central bank, reduced interest rates in three steps to 3.75% in 2025 (previous year: 4.5%).
Short-term interest rates down, long-term rates pick up
Short-term interest rates fell on average over the course of the year. The 6-month Euribor stood at an average of 2.20% in 2025 (previous year: 3.48%). The average 10-year euro swap rate rose year-on-year to 2.62% (previous year: 2.59%).
| T015 | Interest rate development in % | |||||
|---|---|---|---|---|---|---|
| Instrument | 2025 | 2024 | 2023 | 2022 | 2021 | |
| 6-month Euribor average rate | 2.20 | 3.48 | 3.69 | 0.68 | -0.52 | |
| 6-month Euribor year-end level | 2.11 | 2.57 | 3.86 | 2.69 | -0.55 | |
| 10-year euro swap average rate | 2.62 | 2.59 | 3.05 | 1.93 | 0.05 | |
| 10-year euro swap year-end rate | 2.92 | 2.36 | 2.49 | 3.20 | 0.30 | |
| Source: Bloomberg | ||||||
The discount rate applied for discounting the pension obligations of Deutsche Lufthansa AG, which is derived from the average return on a basket of investment-grade corporate bonds, stood at 4.2% in the reporting year (previous year: 3.6%).
Oil price again down on the previous year
Pressure on the oil market continued to decline in 2025. With prices between USD 58.92/barrel and USD 82.03/barrel, the average price for 2025 was USD 68.19/barrel, which is 15% lower than the previous year (previous year: USD 79.86/barrel). On 31 December 2025, a barrel of Brent Crude cost USD 60.85 (year-end 2024: USD 74.64/barrel).
The jet crack, the price difference between crude oil and kerosene, moved between USD 13.49/barrel and USD 40.15/barrel in 2025. On average over the year, it traded at USD 22.80/barrel and thus 12% higher than in the previous year. On 31 December 2025, the jet crack was USD 26.46/barrel (year-end 2024: USD 16.19/barrel).
