Financial News: German Economy To Shrink Again In Q4: Bundesbank

German Economy To Shrink Again In Q4: Bundesbank

11/20/2023 - 07:22:00 (RTTNews)

(RTTNews) - Germany's economy is likely to contract again in the fourth quarter, the Bundesbank said in its monthly report on Monday.

The economy is set to recover only arduously from the period of weakness that has persisted since the beginning of the war in Ukraine, the bank said.

The Bundesbank forecast a slight increase in economic output in the first quarter of 2024.

The trend in incoming orders suggests that foreign demand may have bottomed out. The increase in real income due to wage increases and easing price pressures will underpin spending and support the domestic economy, the bank noted.

The largest euro area economy had contracted 0.1 percent in the third quarter, offsetting a 0.1 percent rise in the preceding period.

The European Commission forecast Germany to shrink 0.3 percent in 2023, before rebounding 0.8 percent next year and 1.2 percent in 2025.

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