German economy minister, Peter Altmaier, remarks
- To cut 2021 GDP forecast to +2.6% from +3.5% previously in April
- To raise 2022 GDP forecast to +4.1% from +3.6% previously in April
He's refusing to comment on the details though but the downgrade to 2021 is expected given the less than ideal circumstances involving supply and capacity constraints as well as rising inflation pressures. All of which should persist into next year so as much as he wants to be stubborn about a more positive outlook, expect more downgrades to the above forecast to follow when we get into 2022.
