German economy expected to contract slightly in 2023 – BDI

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Reuters UK

BERLIN (Reuters) – The German economy is expected to contract by 0.3% this year, Germany’ BDI industry association said on Tuesday, warning that the energy crisis would continue to weigh on industry in Europe’s largest economy. Mild recessionary trends are expected to predominate at the start of the year, but things should start to improve in the spring, BDI President Siegfried Russwurm said. The BDI foresees exports of goods and services will increase by 1.0% in real terms this year, lagging behind global trade, for which a 1.5% rise is forecast, Russwurm added. The BDI president said Germany…

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