The revised forecast contrasted with the 0.4 growth that the government predicted in late April.
Germany’s government has said it expects the country’s economy to shrink by 0.4% this year, joining a string of other forecasters in revising sharply downwards its outlook for Europe’s biggest economy.The economy ministry said in a statement that “the effects of the energy price crisis in combination with global economic weakness are weighing down the German economy more persistently than was assumed in the spring”.
The government predicted that gross domestic product would increase by 1.3% next year and 1.5% in 2025, helped by a decline in inflation. That is expected to average 6.1% this year, but drop to 2.6% next year and 2% in 2025. It acknowledged that the “necessary fighting of inflation” by the European Central Bank, which had resulted in higher borrowing costs, had been a factor in Germany’s difficulties.
Danmark Seneste Nyt, Danmark Overskrifter
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