German GDP seen contracting again in Q3 - govt
Seen entering technical recession (Il Sole 24 Ore Radiocor) - Berlin , 14 Oct - German gross domestic product (GDP) is expected to fall slightly in the third quarter, marking the second consecutive quarter of decline and meeting the criteria for a technical recession, according to a statement from Germany's economy ministry.
"The federal government expects a further slight decline ..
in the third quarter, which, after the slight fall in the second quarter, could correspond to the definition of a 'technical recession',' according to a statement from the ministry. The phase of economic weakness 'is likely to continue into the second half of 2024, before growth momentum begins to gradually accelerate next year," the ministry added.
Indications about Germany's economic performance in the third quarter comes after the German government recently updated its forecast for GDP growth for the full year. It now expects GDP to decline 0.2% in 2024, instead of the 0.3% increase forecast in the spring.
Preliminary third quarter GDP figures for Germany are set to be released on October 30.
AAA-Hob
(RADIOCOR) 14-10-24 13:17:51 (0321) 5 NNNN