Germany’s economy is expected to shrink again this quarter, facing challenges in its recovery, according to a monthly economic report from the Bundesbank on Monday.
The eurozone’s largest economy has struggled this year due to factors such as high energy costs, weak global orders, and higher interest rates, leading to a deep industrial recession.
The Bundesbank said that economic output is likely to decline in the fourth quarter of 2023, and the German economy will face a tough recovery from the ongoing weakness since the start of the conflict in Ukraine.
Germany experienced economic growth only once this year, and indicators for the final three months of the year have generally been worse than expected.
“The economic output is likely to once again decline slightly in the fourth quarter of 2023,” the Bundesbank said.
Germany experienced economic growth only once this year, and indicators for the final three months of the year have generally been worse than expected.
“The economic output is likely to once again decline slightly in the fourth quarter of 2023,” the Bundesbank said.