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Financial News: German Economic Upswing Slightly Delayed: Bundesbank

German Economic Upswing Slightly Delayed: Bundesbank

12/17/2021 - 08:09:00 (RTTNews)

(RTTNews) - The German economy is set to grow less than anticipated in June as pandemic-related restrictions and supply bottlenecks for intermediate goods weighed on activity, Bundesbank said in its biannual projections on Friday.

The largest euro area economy will experience a setback in the final quarter of 2021 and the first quarter of 2022 on account of the pandemic, but is set to pick up significant momentum again in spring of next year, the bank noted.

"The upswing has been slightly delayed," said Bundesbank President Jens Weidmann.

The economy is forecast to grow 4.2 percent in 2022 instead of 5.2 percent projected in June. Similarly, the outlook for this year was trimmed to 2.5 percent from 3.7 percent.

For 2023, the bank forecast 3.2 percent growth, up from the previous outlook of 1.7 percent.

Bundesbank projected inflation to remain above 2 percent throughout the forecast period.

"The risks for the inflation rate are skewed to the upside, both in Germany and in the euro area as a whole," Weidmann said.

On average over the coming year, the inflation rate is forecast to rise further to 3.6 percent before easing to 2.2 percent in 2023. In June, the bank had expected inflation to ease to 1.8 percent in 2022 and to 1.7 percent in 2023.

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