Four leading German economic institutes have almost halved their spring economic growth forecast for Europe's largest economy this year and slashed their 2023 projection to -0.4% from 3.1%, they said on Thursday.
"The crisis on the gas markets is having a severe impact on the German economy," said the four institutes - Munich-based Ifo, the Kiel Institute for the World Economy , the Halle Institute for Economic Research and the Leibniz Institute for Economic Research .
"Soaring gas prices are drastically increasing energy costs, leading to a massive reduction of the purchasing power," they added in a statement. Under a risk scenario of a very cold winter, gas shortages and a lack of savings in energy consumption, the institutes expect gross domestic product to contract by 7.9% in 2023 and by 4.2% in 2024.Reporting by Klaus Lauer and Paul Carrel, Editing by Miranda Murray
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