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☆ German GDP expected to contract by 0.6% this year, economic institutes say
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Business sentiment has recently deteriorated again and overall, the indicators suggest that production fell noticeably in the third quarter of 2023, the economic institutes said. GDP is expected to shrink by 0.4% in the third quarter, following stagnation in the second quarter. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. In the following years, a decreasing potential growth rate due to the shrinking labour force will become more and more apparent, the economic institutes said. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halley Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Kai Pfaffenbach, Oliver Holtemoeller, Maria Martinez, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Halle Institute for Economic Research, Ifo Institute, Halley Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Frankfurt, Germany

Growth of 0.3% had been expected in the institutes' spring forecasts. The so-called Joint Economic Forecasts are to be presented in Berlin on Thursday. The economics ministry usually updates its forecasts incorporating the results of the Joint Economic Forecasts. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Annegret, Christian Kraemer, Rene Wagner, Maria Martinez, Rachel Armstrong, Kirsti Knolle, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Ifo Institute, Halle Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Berlin, Germany

The so-called Joint Economic Forecasts, to be presented in Berlin on Wednesday, expect a 0.1% expansion in gross domestic product in the first quarter. The five economic institutes which prepare the Joint Economic Forecasts predict GDP growth in Germany of 0.3% in 2023, up from a predicted contraction of 0.4% in the autumn, two sources familiar with the data told Reuters. The economics ministry will update its forecasts incorporating the results of the Joint Economic Forecasts this spring. The economic institutes predict inflation of 6.0% in 2023, before slowing to 2.4% in 2024. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

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