The latest read indicated that Germany's gross domestic product is now expected to grow by just 0.2% this year, as the country wades in "tricky waters”.
The revised GDP growth forecast is down from a previous estimate of 1.3%, and now economists anticipate German GDP to increase by 1% in 2025. The economists attributed the revised forecast to an unstable global economic environment and to the low growth of world trade, alongside higher interest rates, which have negatively impacted investments, especially in the construction industry.
German housebuilding is among the sectors that have been most affected by this, with developers canceling projects and order numbers declining, according to recent data. Analysts fear the sector may face further difficulties this year.
The economy is in tricky waters, and coming out of the crisis more slowly than the government originally had hoped, albeit energy costs and inflation falling and consumer spending power increasing again.
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