Germany's news in English

Editions:  Europe · Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Recession could be double previous predictions

Share this article

Recession could be double previous predictions
Photo: DPA
08:00 CET+01:00
Germany's gross domestic product (GDP) is expected to contract by 4.0 to 4.5 percent this year, according to an internal Economy Ministry report cited by daily Bild on Tuesday.

The ministry in January was forecasting a contraction of only 2.25 percent for the year, but the government already has acknowledged that the forecast is outdated and a new estimate is due out next month.

In its monthly report released on Monday, Germany's central bank said: "The global economy's sharp slowdown is affecting German economic production more and more."

Economists have been lowering their forecasts, with Germany's second biggest bank, Commerzbank, saying on Monday that the economy was set for a much sharper recession than previously expected this year and could contract by up to 7.0 percent.

Jobs in Germany
Get notified about breaking news on The Local

Share this article

From our sponsors

Four ways to lower your rent in Germany

It's often expats in Germany who find themselves paying unduly high rent, but that doesn't mean you can't get a better deal - even if you've already signed your tenancy agreement.