Economic outlook

In its economic forecast from January 2026, the International Monetary Fund (IMF) predicts global economic growth of 3.3 % in 2026 and 3.2 % in 2027. This is below the historical long-term average of 3.7 % between 2000 and 2019. In the United States, growth was mostly buoyed by investments in digital infrastructure and technological innovations, while in Europe high energy prices, structural weaknesses in industry, and modest confidence among consumers and businesses are weighing on the economic outlook.

The following table shows the expected GDP growth rate trends and the change in harmonized consumer prices in our most important markets for 2026 and 2027.

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%

GDP for 2026 compared
with 2025

GDP for 2027 compared
with 2026

Consumer prices for 2026 compared
with 2025

Consumer prices for 2027 compared
with 2026

Germany

1.1

1.5

1.8

2.0

United States

2.4

2.0

2.4

2.2

Greece

2.0

1.5

2.5

2.6

Hungary

2.1

2.3

3.5

3.0

Poland

3.5

2.7

2.8

2.7

Czech Republic

2.0

2.0

2.3

2.3

Croatia

2.7

2.6

2.8

2.4

Slovakia

1.7

2.5

3.3

2.2

Austria

0.8

1.6

2.3

2.2

Source: International Monetary Fund; last revised: January 2026.

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To our shareholders Deutsche Telekom at a glance
To our shareholders Letter from the Chair of the Board of Management
To our shareholders Supervisory Board’s report
To our shareholders Members of the Board of Management of Deutsche Telekom AG in 2024
To our shareholders Members of the Supervisory Board of Deutsche Telekom AG in 2024
To our shareholders The T-Share
To our shareholders Development of selected financial data
To our shareholders Highlights
Group organization Segment structure
Group strategy Leading Digital Telco
Group strategy Finance strategy
Management of the Group Performance management system
The economic environment Macroeconomic development
The economic environment Telecommunications market
The economic environment Major regulatory decisions
Development of business in the Group Statement of the Board of Management on business development
Development of business in the Group Comparison of the Group’s expectations with actual figures
Development of business in the Group Results of operations of the Group
Development of business in the Group Net assets of the Group
Development of business in the Group Profitability and financial position of the Group
Management report Development of business in the operating segments
Development of business in the operating segments Germany
Development of business in the operating segments United States
Development of business in the operating segments Europe
Development of business in the operating segments Systems Solutions
Development of business in the operating segments Group Development
Development of business in the operating segments Group Headquarters & Group Services
Forecast Statement by the Board of Management on the expected development of the Group
Forecast Economic outlook
Forecast Expectations for the Group
Forecast Market expectations and expectations for the operating segments
Risk and opportunity management Board of Management’s assessment of the aggregate risk and opportunity position
Risk and opportunity management Risk and opportunity management system
Risk and opportunity management Risks and opportunities
Governance and other disclosures Governance
Governance and other disclosures Integrated control and monitoring system
Governance and other disclosures Corporate Governance Statement in accordance with §§ 289f, 315d HGB
Governance and other disclosures Legal structure of the Group
General information ESRS 2 – General disclosures
Environment Disclosures pursuant to Article 8 of Regulation 2020/852
Environment ESRS E1 – Climate change
Environment ESRS E5 – Resource use and circular economy
Social ESRS S1 – Own workforce
Social ESRS S2 – Workers in the value chain
Social ESRS S4 – Consumers and end-users
Governance ESRS G1 – Business conduct
Governance G-Company-specific: cybersecurity
Sustainability statement ESRS index
Financial statements Statement of changes in equity
Summary of accounting policies Other transactions that had no effect on the composition of the Group
Summary of accounting policies Development of the overall economic environment
Notes to the income statement 23 Own capitalized costs
Notes to the income statement 35 Dividend per share
Other disclosures 38 Segment reporting
Other disclosures 43 Financial instruments and risk management
Other disclosures 45 Related-party disclosures
Other disclosures 46 Remuneration of the Board of Management and the Supervisory Board
Other disclosures 47 Share-based payment
Other disclosures 48 Declaration of conformity with the German Corporate Governance Code
Other disclosures 49 Events after the reporting period