2023-07-18 08:49:52
Germany’s economy
The German Central Bank announced on Monday that the German economy witnessed slight growth in the second quarter of this year (from April to June), following suffering from contraction for two consecutive quarters.
And the German National Statistics Office announced in late May that the largest economy in Europe contracted by 0.3 percent in the first three months of this year, in the second consecutive decline as one of the definitions of recession, noting at the same time that the gross domestic product decreased by 0.5 percent in the fourth quarter of the year. the past.
The Bundesbank said in its monthly report that economic output appeared to “rise slightly” in the second quarter, without specifying expected gains.
He noted that personal consumption appears to have stabilized, thanks to a strong labor market and wage increases and the lack of another significant increase in inflation.
He added that supply bottlenecks have receded, which, along with strong demand, prevented a decline in the performance of the industrial and construction sectors.
Despite this, the Central Bank noted the decline in demand from foreign customers, the increase in the costs of financing investment at home, and the decline in confidence in companies.
He said that the economic recovery during the remainder of this year may be “more volatile than last month’s expectations.”
Last month, the Bundesbank expected Germany’s gross domestic product to contract by 0.3 percent this year, before recovering to grow by 1.2 percent next year, and 1.3 percent in 2025.
The National Bureau of Statistics is scheduled to release preliminary statistics of GDP for the second quarter on July 31.
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