Exclusive-Germany to slide into recession next year: source, citing provisional figures
2022.10.06 09:15
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© Reuters. An elderly woman wearing a face mask shops in a supermarket, after the federal state of North Rhine-Westphalia decided to make wearing protective masks obligatory in shops and public transportation to fight the spread of the coronavirus disease (COVID-19)
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BERLIN (Reuters) – The German government expects Europe’s largest economy to slide into recession next year, contracting 0.4% as an energy crisis, rising prices and supply bottlenecks take their toll, a source told Reuters on Thursday, citing provisional figures.
The government has cut its growth forecast for 2022 to 1.4% from an April projection of 2.2%. It had previously forecast growth of 2.5% for 2023.
The government also expects inflation to remain in high single digits, at a level of 7.9% this year and 8% in 2023, the source said.
When approached for comment, an economy ministry spokesperson said the Economy Minister Robert Habeck would unveil the figures next week.
“There are no final figures yet. The final work is ongoing,” the spokesperson said.
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