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Financial News: DIW Institute Cuts German Growth Projection

DIW Institute Cuts German Growth Projection

03/07/2024 - 07:47:00 (RTTNews)

(RTTNews) - The German economy is set to stagnate this year and the catch-up process will accelerate only next year, the economic institute DIW Berlin said Thursday.

The institute said the economic output will continue to shrink in the current quarter and enter a recession. In the whole year, GDP is projected to stagnate compared to the previous forecast of 0.6 percent expansion.

The think tank forecast GDP to advance 1.2 percent in 2025, which was revised up from 1.0 percent.

The institute said improving consumer sentiment and rising investment in equipments will underpin growth next year. Nevertheless, output gap is set to be negative even at the end of 2025.

The road to economic recovery in Germany remains rocky, DIW President Marcel Fratzscher said.

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