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Germany cuts 2021 growth outlook as supply problems, energy prices bite -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: German Economy Minister Peter Altmaier addresses the media at the Chancellery Berlin on July 14, 2021. REUTERS/Annegret Hilse

BERLIN (Reuters] – Germany’s economy ministry announced Wednesday that it had reduced its forecast of economic growth for the year to 2.6%, and raised its projection for the next year to 4.1%. This was because supply issues are stalling the recovery in Europe’s biggest economy.

In confirming a Reuters exclusive report, Peter Altmaier confirmed that Tuesday’s Economy Minister said to reporters that although the economy was in good shape, disruptions in supply chains and a sharp rise of energy prices had hampered recovery.

Comparing with the April forecast of 3.5% growth in gross domestic product, this revised government projection compares with that for 2021.

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