Abstract
Abstract According to the Joint Economic Forecast, Germany’s gross domestic product will decline by 0.6% in 2023. This is a strong downward revision of 0.9 percentage points from the forecast made in spring 2023. The most important reason for this revision is that industry and private consumption are recovering more slowly than has been expected in spring. Germany has been in a downturn for more than a year. The sharp rise in energy prices in 2022 put an abrupt end to the recovery from the pandemic. However, wage increases have meanwhile followed the price hike, energy prices have fallen, and exporters have partially passed on their higher costs, so that purchasing power is returning. Therefore, the downturn is expected to subside by the end of the year.
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