The five leading economic research institutes believe that the German economy is in trouble. In their spring report, they have revised their forecast for the current year significantly downward and now only expect economic output to grow by 0.1%.
The Joint Economic Forecast Project Group forecasts a 0.6% decline in Germany’s gross domestic product for 2023. For 2024, the forecast is 1.3%. The inflation rate is expected to be 6.1% in 2023 and to fall to 2.6% in 2024.
The leading economic research institutes expect GDP to increase by 0.3% in the current year and by 1.5% in 2024. At 6.0%, the inflation rate in 2023 will be only slightly lower than in the previous year. The rate is not expected to fall noticeably until next year, in particular due to declining energy prices.
The leading economic research institutes expect GDP to expand by 1.4 percent in the current year and contract by 0.4 percent in 2023. In 2024, GDP will expand at an annual average rate of 1.9 percent.
The leading economic research institutes expect gross domestic product to increase by 2.7 percent in the current year and by 3.1 percent in 2023.
The leading economic research institutes expect gross domestic product to increase by 2.4 percent in the current year and by 4.8 percent in 2022.
The leading economic research institutes expect gross domestic product to increase by 3.7 percent in the current year and by 3.9 percent in 2022
After a 5.4 percent decline in gross domestic product this year, the institutes expect growth of only 4.7 percent next year and 2.7 percent in 2022.