8/12, 4:45 PM (Source: TeleTrader)
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Germany close to meeting gas saving goal - IMF

Germany would be close to reaching its gas saving goal, research by experts of the International Monetary Fund's Department of Economy showed on Friday.

Germany and other EU members agreed to reduce gas consumption by 15% between August 2022 and March 2023 to avoid gas shortages and price hikes. Berlin is close to achieving this target, as "gas consumption was already down by about 17% in May, 8% in June, and 15% in July compared with averages of the past five years," stated the researchers.

The development came at the same time the German Economy Ministry revised down its economic outlook for the second part of 2022 due to the fall in gas deliveries from Russia, boosting the current energy crisis.

Baha Breaking News (BBN) / JG