Bundesbank economists estimate that demographically-induced trends in the potential number of hours worked are a major factor in the slowdown in potential growth: from a mean of almost 1¼% over the last five years to just over ¾% in the first half of the 2020s.
If this is confirmed, this would imply a fall in just one month of about half a percentage point in the twelve-month rate of growth. The slowdown is common to the other major European countries and has affected all parts of the country and all categories of borrowers.