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

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

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.