Germany real effective exchange rate
Germany's real effective exchange rate and price competitiveness indices from the Deutsche Bundesbank.
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| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Euro area countries | 94.9 | 94.6 | 94.7 | 94.5 | 94.5 | 94.7 | 95 | 94.8 | 95.1 | 94.9 | 95 | 95.1 | 95 | 94.8 | 94.8 | 95 | 95.2 | 95 | 94.8 | 94.8 | 94.8 | 95.2 | 95 | 95.2 | 95 | 94.9 | 95.1 | 95.2 | 95.3 | 95.2 | 95.1 | 95 | 95 | 95 | 95.1 | 94.9 | 95.1 | |
| 28 selected industrial countries | 99 | 98.8 | 98.7 | 98.5 | 98.6 | 99.1 | 98.9 | 99.1 | 99.2 | 99.1 | 99.1 | 99.1 | 99.1 | 98.8 | 98.8 | 98.5 | 98.2 | 98.1 | 97.3 | 96.5 | 96.7 | 97 | 97.2 | 97.7 | 97.9 | 97.9 | 98.1 | 97.8 | 98.2 | 97.9 | 97.8 | 97.5 | 97.5 | 97.4 | 97.9 | 97.3 | 97.7 | |
| 28 selected industrial countries excluding the euro area countries | 105.4 | 105.3 | 104.6 | 104.5 | 104.9 | 105.9 | 104.8 | 105.6 | 105.5 | 105.6 | 105.3 | 105.1 | 105.4 | 104.8 | 104.8 | 103.6 | 102.4 | 102.6 | 100.8 | 98.7 | 99 | 99.2 | 100 | 101.3 | 101.9 | 102.1 | 102.3 | 101.6 | 102.4 | 101.7 | 101.6 | 100.9 | 101 | 100.8 | 101.8 | 100.4 | 101.1 | |
| 37 trading partners | 92.4 | 92.3 | 92.2 | 91.9 | 92.2 | 92.8 | 92.7 | 92.8 | 93 | 93 | 92.9 | 93 | 93.2 | 92.9 | 93 | 92.6 | 92.2 | 92.4 | 91 | 90.1 | 90.2 | 90.6 | 90.8 | 91.2 | 91.3 | 91.4 | 91.6 | 91.4 | 91.5 | 91.3 | 91.3 | 91 | 91 | 90.7 | 91.2 | 90.8 | 91.3 | |
| 60 trading partners | 92.6 | 92.5 | 92.3 | 92 | 92.4 | 93 | 92.9 | 93.1 | 93.2 | 93.3 | 93.2 | 93.4 | 93.6 | 93.3 | 93.3 | 92.9 | 92.5 | 92.8 | 91.2 | 90 | 90.2 | 90.6 | 90.9 | 91.4 | 91.6 | 91.7 | 91.8 | 91.6 | 91.7 | 91.6 | 91.6 | 91.3 | 91.3 | 91.1 | 91.5 | 91.1 | 91.6 |
Latest reading
The series on this page is monthly and runs from Jan 1993 to Sep 2026. Source: Deutsche Bundesbank.
About this data
Germany's real effective exchange rate and price competitiveness indices from the Deutsche Bundesbank. The monthly series track the national economy against groups such as euro area countries, 28 selected industrial countries and broader aggregates of up to 60 trading partners. Available since 1961, the data is presented as an index where an increase indicates a loss of German competitiveness. Unlike the broad euro effective exchange rate, these measures also capture price developments within the single currency area.
Frequently asked questions
- What is the latest figure for Germany real effective exchange rate?
- 60 trading partners stood at 92.6 in Sep 2026. That is +0.1% from Aug 2026 and −1.1% from a year earlier.
- How far back does the Germany real effective exchange rate data go?
- The series on this page is monthly and runs from Jan 1993 to Sep 2026. Source: Deutsche Bundesbank. Every series in the table can be charted over its full history and downloaded as CSV or Excel.
- What does the Germany real effective exchange rate measure?
- The Germany real effective exchange rate measures the country's price competitiveness relative to its main trading partners. A rising index value indicates a real appreciation, meaning that German goods are becoming relatively more expensive and the country is losing price competitiveness.
- Which trading partners are included in the German competitiveness index?
- The indices are calculated against several different country groups. These include fellow euro area countries, 28 selected industrial countries, and broader baskets of 37 or 60 global trading partners.
- Does the German real effective exchange rate include other euro area countries?
- Yes, the indicators explicitly measure Germany's price competitiveness against other nations that use the euro. While these countries share the same nominal exchange rate, differing national inflation rates lead to changes in their real competitive positions.