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Berlin (German news agency) – The German Institute for Economic Research (DIW) sees a ray of hope for economic output despite forecasts for the year 2023 as a whole. “The figures for the first quarter have been revised,” said Timm Bönke from the DIW economic team to the “Redaktionsnetzwerk Deutschland” (Saturday edition) on the latest data from the Federal Statistical Office.
“Apparently the slump wasn’t that severe,” said Bönke, referring to the fact that the decline in gross domestic product in the first quarter of 2023 was estimated at minus 0.3 percent, but actually only amounts to minus 0.1 percent . “That means a more positive picture for the annual growth rate,” says Bönke. “We now expect stagnation for 2023 as a whole.” He also referred to indicators such as the Ifo business climate index. “We also see positive tendencies there,” said Bönke. “Although the climate is currently bad, expectations are stabilizing and have even increased slightly in the service sector.”
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