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1/26, 1:27 PM (Source: TeleTrader)
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German gov't lowers 2022 GDP growth forecast to 3.6%

The German government cut on Wednesday its forecast for the growth of the country's gross domestic product (GDP) in 2022 from the initially projected 4.1% to 3.6%.

"The consequences of the corona pandemic are still noticeable and many companies still have to struggle with them," Economy Minister Robert Habeck said in an accompanying statement. Nevertheless, he added the country's output "is still robust" and will return to its pre-pandemic level in 2022.

Furthermore, the report also predicted that the number of employed people will rise by 425,000 and reach its level before the start of the COVID-19 contagion in the first half of the year. It also estimated the unemployment rate will decrease by 0.6 percentage points to 5.1%.

Baha Breaking News (BBN) / JR