German government updates economic outlook, more GDP growth is expected

German government updates economic outlook, more expected

A view of the banking district in Frankfurt. Illustrative photo.

Berlin – The German government will publish an updated economic outlook today. It is expected to raise this year's estimate of gross domestic product (GDP) growth to 0.4 percent from the 0.2 percent forecast in the January forecast.

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Federal Minister of Economy Robert Habeck will present the report on the economic outlook in the afternoon. According to Reuters sources and information from the German media, the government will change its estimate of economic growth for the coming year as well, when it will instead reduce it from the current 1.8 to 1.6 percent.

The German economy, which is the largest in Europe and on which, among other things, is dependent on a number of Czech companies, is struggling with the negative effects of the war in Ukraine. According to the Federal Statistical Office, the growth of the German economy slowed to 1.8 percent last year from 2.6 percent the year before. According to Germany's central bank, the economy returned to growth in the first quarter of this year after contracting 0.4 percent in the final quarter of last year compared to the previous three months.