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Financial News: German Economy Roughly Stagnated In Q4: Bundesbank

German Economy Roughly Stagnated In Q4: Bundesbank

01/23/2023 - 08:16:00 (RTTNews)

(RTTNews) - The German economy is likely to have roughly stagnated in the final quarter of 2022, Bundesbank said in its monthly report, released Monday.

High inflation and uncertainty after the Ukraine war weighed on the economy. Nonetheless, the situation on the energy markets eased noticeably compared to the summer, the central bank said.

Moreover, the bank observed that fiscal measures relieved private households and companies from high energy prices. In addition, supply bottlenecks in industry and construction eased.

Still high inflation dampened households' purchasing decision, the bank noted. Bundesbank said fight against inflation should be given top priority.

In the third quarter, gross domestic product grew 0.4 percent sequentially, which was much faster than the 0.1 percent rise in the second quarter.

The ifo Institute forecast the largest euro area economy to shrink only 0.1 percent in 2023 and return to 1.6 percent growth in 2024.

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