(CercleFinance.com) – Returning to the slight upward revision of German GDP growth for the third quarter announced in the morning (to +0.4% against +0.3% initially), Barclays says ‘remain pessimistic on growth German, but less than a few months ago’.
According to the broker, the growth of the past quarter mainly reflects the effect of the post-pandemic reopenings of the German and foreign economies, which allowed pent-up demand to translate into “exceptionally strong” consumption.
But seeing ‘very different factors for today and in the months to come’, Barclays anticipates a ‘significant recession this winter’, but is less pessimistic than a few months ago and expects a contraction of 1, 1% of German GDP in 2023.
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