> Germany's DIW institute revises down GDP forecasts following budget cuts

Germany's DIW institute revises down GDP forecasts following budget cuts

For this year, the economic institute sees German GDP declining by 0.3%

Thursday, 14/12/2023 | 09:12 GMT

2024 GDP growth seen at 0.6% (previously 1.2%)
2025 GDP growth seen at 1.0% (previously 1.2%)

Their previous forecast was just three months ago as they note that the budget cuts to Germany's climate and transformation fund would end up dampening growth prospects by around 0.3% next year and 0.2% in 2025. Adding that a slower recovery from recession territory would keep the German economy on the backfoot going into the year ahead.