3/3, 11:12 AM (Source: TeleTrader)
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Buba: German aggregate economic activity to drop in Q1

The aggregate economic activity in Germany will record a "marked decline" in the current quarter, Bundesbank President Jens Weidman asserted on Wednesday.

Delivering remarks at an annual press conference, Weidmann added that Bundesbank will not distribute profit for the first time since 1979 due to an increase in risk provisioning. He also predicted that the German economy will be able to return to its pre-pandemic state in 2023.

On a more optimistic note, he stressed that the pandemic's impact is still less severe than what was expected. "Effective vaccines have been developed more swiftly than widely expected. If these are successful in helping to overcome the pandemic, the German economy will see a lasting recovery," Weidmann concluded.

Breaking the News / BU