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BERLIN, Sept 7 - The German economy will contract by 0.4% this year, the Ifo Institute said on Thursday, confirming its previous forecasts published in June.
This was because Germany had not benefited from the post-pandemic services sector boom as much as other European countries, where this sector plays a bigger role, he said. Ifo is nonetheless sticking with its 2023 forecast because Germany's statistics office revised its economic assessment of the first quarter of the year to a 0.1% GDP decline from a prior estimate of a 0.3% drop, Wollmershaeuser said.
The bright spot is private consumption, which should gradually recover in the second half of this year. Wollmershaeuser expects the European Central Bank to start cutting interest rates at the end of next year, in response to lower inflation.
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