German economy in February: production down slightly, foreign trade up

The German economy presents a mixed picture in February 2026: While production is declining slightly, exports and imports are picking up noticeably. This is according to the latest data from the Federal Statistical Office.

Production falls slightly - construction and pharmaceuticals weigh down

Production in the manufacturing sector fell by 0.3% in February compared to the previous month. A three-month comparison also shows a drop of 0.4%.

The following sectors had a particularly negative impact:

• Construction (-1.2 %)
• Electronics production (-3.9 %)
• Pharmaceutical industry (-4.4 %)

On the other hand, the automotive industry developed positively with an increase of 1.7 %. Overall, production remained stable compared to the previous year.

Foreign trade grows significantly

Foreign trade is much more dynamic:

• Exports: +3.6% to 135.2 billion euros
• Imports: +4.7% to 115.4 billion euros
• Trade surplus: 19.8 billion euros

In a year-on-year comparison, exports rose by 2.9% and imports by 1.5%.

Exports within the EU grew particularly strongly (+5.8%), while trade with non-EU countries grew more moderately. The USA remains the most important sales market, even though exports to the USA declined month-on-month.

Energy-intensive industries and services stabilize

One ray of hope comes from energy-intensive industries: Production here rose by 1.9% compared to the previous month.

The services sector is also proving robust: turnover rose by 1.7% in real terms in January 2026. Growth was particularly strong in the information and communication sector (+3.6%).

Economy remains in a transitional phase

Overall, the German economy remains in a phase of moderate fluctuation: Declines in individual industrial sectors are offset by stable demand in foreign trade and growing services. Coupled with the global political situation in particular, founders and start-ups are facing a tense environment, which can also offer opportunities.