Germany continues facing challenges as energy costs increase

2023-09-21 03:43:00

(MENAFN) Germany carries on dealing with obstacles in its industrial area as it struggles with increasing energy costs, Goldman Sachs economist Peter Oppenheimer informed a US news agency on Tuesday.

The biggest economy in the EU formally fell into a technical downturn in the first three months of 2023 as GDP expansion was modified from zero to -0.3 percent. On Monday, the Bundesbank declared that the economy is expected to decrease in the current three months due to slow private usage as well as the rising deficiency of industry.

“The predicament that the economy is facing at the moment is really down to a number of factors,” declared Oppenheimer, who is head of international equity strategist as well as leader of macro research EMEA at Goldman Sachs.

“It’s… not a deep recession but it’s obviously been more hit by obvious headwinds,” he continued.

Simultaneously, Oppenheimer proposed several positive causes for Germany, indicating that “the equity market has been holding up quite well and there are some bright spots, I think, in terms of activity in the economy.”

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