Skip to Content
AP National Business

German government: Economy to shrink in 2023 as war bites

KVIA
By
Published 6:39 AM

By GEIR MOULSON
Associated Press

BERLIN (AP) — The German government has slashed its growth forecast for this year and predicted that Europe’s biggest economy would shrink in 2023 as Germany deals with the fallout from Russia’s war in Ukraine including Moscow cutting off natural gas supplies. The Economy Ministry said Wednesday that it expects Germany’s gross domestic product to grow by 1.4% this year and then decline by 0.4% next year. The ministry in late April had forecast 2.2% growth in 2022 that would accelerate to 2.5% next year. The impact of the war has deepened since then with energy prices stubbornly high and Germany’s annual inflation rate hitting 10% in September.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content