A sustainable economic recovery is not expected in Germany in the coming months. about it on monday declaration German Ministry of Economy.
According to the agency, private consumption has had a positive impact on the backdrop of low inflation and high wages. However, due to weak foreign demand, the foreign trade balance had a negative impact on the GDP, which hindered the development of exports and production.
In the fourth quarter of 2022 and the first quarter of 2023, the decline in German GDP was revised to -0.4% and -0.1%, respectively.
“In terms of Gross Domestic Product development, in quarterly comparisons, price stalled in the second quarter after seasonal and calendar adjustments,” Germany’s Federal Statistical Office said in a statement.
The IMF expects the global economy to grow at around 3 percent per year in the coming years, below the historical average. According to the current median forecast from Consensus Economics, economic activity in Germany’s key trading partners is likely to grow only moderately this year (Euro area +0.5%, US +1.6%).
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