Robert Habeck, German Minister for Economy and Climate Protection and Vice Chancellor, is pictured during the weekly meeting of the cabinet on February 21, 2024 in Berlin, Germany.
Florian Gaertner | Photothek | Getty Images
Germany’s gross domestic product is now expected to grow by 0.2% this year, down from a previous forecast anticipating a 1.3% expansion, German Economy Minister Robert Habeck said Wednesday.
He added that the government now expects the German GDP will grow by 1% in 2025.
The country narrowly avoided a recession in the second half of 2023, despite its GDP declining by 0.3% in the final quarter.
Inflation is expected to fall to 2.8% throughout 2024, before returning to the 2% target range again in 2025, Habeck said.
This is a developing story. Please check back for updates.
