To forecast the economic performance of any European country, it is essential to look first at Germany. The reasons for this are its large weight in the European economy and the various trends it has experienced in recent quarters and, more specifically, the fact that it has been a drag on the GDP of the euro area. In today's document, we update the main activity indicators to analyse whether the German economy may be facing a turning point. Fine-tuning this outlook may be key to optimising near-term economic decisions.