German economic institutes said to cut 2021 GDP growth forecast from 3.7% to 2.4%
Reuters reports, citing sources familiar with the matter
- Raises 2022 GDP growth forecast from 3.9% to 4.8%
- Expects 2023 GDP growth forecast of 1.9%
That's a sharp revision lower and amid the ongoing supply bottlenecks, it is not hard to see why. Adding to that is fears of rising inflation as well as the energy crisis in Europe, weighing on overall sentiment in general.
If anything, the 2022 figure looks fairly optimistic in my view. I'd expect that to get revised lower when we get to Q1 next year.