Five economic institutes are predicting gross domestic product (GDP) in Germany will contract by 0.6% in 2023, three sources told Reuters on Tuesday, as rising interest rates take their toll on the economy and high inflation depresses consumption.
Although GDP is expected to shrink in the summer quarter that is coming to an end following stagnation in the second quarter, it is expected to pick up again thereafter.
For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously.
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