Posted 11/27/2023, 5:02:44 AM
German Economic Outlook Darkens as Construction Slump, Costs Squeeze, and Global Conflicts Take Toll
- Residential construction sector facing increasing cancellations and declining new orders, impacting German GDP growth
- Cost of construction materials 40% higher post-Covid, reducing consumer purchasing power
- OECD warns Germany's budget crisis could hamper wider EU economy
- German GDP expected to contract 0.4% in 2023 according to economic experts
- Prolonged Middle East conflict risks further energy price volatility, already impacting German industrial output