German Government Expects to Overcome Economic Weakness
Berlin. According to the German government, the economy is expected to overcome its recent weakness. “The government expects economic growth to strengthen in the course of the year,” said Federal Government Spokesperson Steffen Hebestreit on Wednesday in Berlin, citing a statement by the cabinet. The government justified this with the gradually easing supply chain bottlenecks and the waning effects of the corona pandemic. Accordingly, overall economic output is expected to increase by 3.6 percent in 2023. In October, the government had still assumed growth of only 1.4 percent. According to the Federal Ministry of Economics, private consumption and investments should make a significant contribution to the upswing.
However, the government also warned of risks. The war in Ukraine, high energy prices and the continuing corona pandemic could have a negative impact on economic development. The government is therefore closely monitoring the situation and is prepared to take further measures if necessary.
According to the Federal Statistical Office, the German economy had already grown by 1.9 percent in the first half of 2023 compared to the same period last year. However, growth slowed significantly in the second quarter. From April to June, the economy expanded by just 0.1 percent compared to the previous quarter.
Regierung erwartet Überwindung der Wachstumsschwäche
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