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German government sees output shrinking up to 0.3% this year

© Reuters. FILE PHOTO: A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo

(Reuters) – Germany’s Gross Domestic Product (GDP) is likely to shrink in the third quarter and expand only slightly in the final three months of the year, meaning the economy will contract in 2023 on an annual basis, according to a revised forecast, Bloomberg News reported on Wednesday, citing people familiar with the forecast.

Instead of growth of 0.4% for the full year predicted at the end of April, the government will downgrade its outlook to a contraction of as much as 0.3%, the report said.

This story originally appeared on Investing

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