Five economic institutes are predicting gross domestic product (GDP) in Germany will contract by 0.6% in 2023, as rising interest rates take their toll on the economy and high inflation depresses consumption.
"The most important reason for this revision is that industry and private consumption are recovering more slowly than we expected in spring," said Oliver Holtemoeller, vice president and head of the macroeconomics department at the Halle Institute for Economic Research .
In the following years, a decreasing potential growth rate due to the shrinking labour force will become more and more apparent, the economic institutes said.
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