The German government has raised its economic growth forecast for this year to 0.4% from a previously predicted 0.2%, according to its spring economic projections published on Wednesday and first reported by Reuters last week.<\/p>\n\n\n\n
“A gradual recovery is underway, despite a persistently difficult environment,” Germany Economy Minister Robert Habeck said.<\/p>\n\n\n\n
Current economic indicators such as industrial production, orders received and business climate point to an economic revival in the course of the year, the report said.<\/p>\n\n\n\n
“For next year, we expect the recovery to continue and gain in breadth,” Habeck said.<\/p>\n\n\n\n
For 2024, the government slightly lowered its growth forecast to 1.6% from the 1.8% foreseen in January.<\/p>\n\n\n\n
Inflation forecasts were also adjusted down, with the rate for both 2023 and 2024 now seen 0.1 percentage point lower, at 5.9% and 2.7%, respectively. Inflation stood at 6.9% last year.<\/p>\n\n\n\n
Despite government support measures and rising incomes, private consumption will be weak due to inflation-related losses in purchasing power, the report said. It will only pick up again later in the year as inflation continues to decline.<\/p>\n\n\n\n
With the new projections, the government is slightly more optimistic than the five economic institutes that prepare the Joint Economic Forecasts, which foresee 2023 economic growth of 0.3%.<\/p>\n","protected":false},"excerpt":{"rendered":"
The German government has raised its economic growth forecast for this year to 0.4% from a previously predicted 0.2%, according to its spring economic projections published on Wednesday and first reported by Reuters last week. “A gradual recovery is underway, despite a persistently difficult environment,” Germany Economy Minister Robert Habeck said. Current economic indicators such …<\/p>\n","protected":false},"author":9,"featured_media":31892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[6942,6839,7169],"class_list":["post-83277","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-consumer","tag-germany","tag-sentiment"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=83277"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83277\/revisions"}],"predecessor-version":[{"id":83278,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83277\/revisions\/83278"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31892"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=83277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=83277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=83277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}