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“Contributing to this was that the labor market is still in good shape, wages have risen sharply and price increases have not increased further.” The service sectors are also likely to have benefited from this in the period from April to June.
During the winter semester, the German economy entered a technical recession with two negative quarters in a row. An important reason for this was the high level of inflation, which, above all, reduced the willingness of private households to spend and accordingly gave weight to the economy. In addition, the sector developed weakly due to the limited demand from abroad.
Due to the recent pessimistic corporate mood, the German Federal Bank warns that the economic recovery throughout the year may be a little more hesitant than recently anticipated. The Bundesbank had expected a “difficult” economic recovery in its June forecast.
As a result, he expects even a slight economic contraction of 0.3 percent for the full year. However, growth is expected again in the next two years.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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