https://sputnikglobe.com/20241009/germany-downgrades-2024-gdp-forecast-expects-02-fall---economy-minister-1120490239.html
Germany Downgrades 2024 GDP Forecast, Expects 0.2% Fall - Economy Minister
Germany Downgrades 2024 GDP Forecast, Expects 0.2% Fall - Economy Minister
Sputnik International
The German government has downgraded the forecast for the country's economic growth, projecting a decline by 0.2%, despite positive expectations in spring, Economy Minister Robert Habeck said on Wednesday.
2024-10-09T18:14+0000
2024-10-09T18:14+0000
2024-10-09T18:14+0000
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"In our forecast out this spring, we still hoped ... for economic growth of plus 0.3%, but now we are forced to adjust this figure to minus 0.2%," Habeck said during the presentation of the new forecast. This will be the second consecutive year in which the German economy declined, although the German government expects a 1.1% growth of the country's GDP in 2025 due to the new package of measures to support the economy, the minister added. The minister cited demographic changes in the country, Germany's difficult competitive position and "persistently weak demand at home and abroad" as factors negatively affecting GDP growth. The German economy is currently experiencing a recession, caused, among other things, by high energy prices due to the lack of gas supplies from Russia. Last year, the country's GDP shrank by 0.3%.
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Germany Downgrades 2024 GDP Forecast, Expects 0.2% Fall - Economy Minister
MOSCOW (Sputnik) - The German government has downgraded the forecast for the country's economic growth, projecting a decline by 0.2%, despite positive expectations in spring, Economy Minister Robert Habeck said on Wednesday.
"In our forecast out this spring, we still hoped ... for economic growth of plus 0.3%, but now we are forced to adjust this figure to minus 0.2%," Habeck said during the presentation of the new forecast.
This will be the second consecutive year in which the
German economy declined, although the German government expects a 1.1% growth of the country's GDP in 2025 due to the new package of measures to support the economy, the minister added.
"In addition to market risks, Germany's structural problems are having an impact, and this is happening amid serious geo-economic challenges," Habeck also said, adding that his ministry had also adjusted the inflation forecast for this year by 0.2 percentage points to 2.2%.
The minister cited demographic changes in the country, Germany's difficult competitive position and "persistently weak demand at home and abroad" as factors negatively affecting GDP growth.
In September, five German economic research institutes lowered the country's GDP growth forecast for 2024, expecting it to fall by 0.1% due to cyclical and structural weaknesses in the economy.
The German economy is currently
experiencing a recession, caused, among other things, by high energy prices due to the lack of gas supplies from Russia. Last year, the country's GDP shrank by 0.3%.
