Berlin: “Going through a phase of weakness but we expect a clear improvement”. Chancellor Sholz: “Prospects are good”. And EU Commissioner Gentiloni: “I wouldn’t give too much weight to technical recessions”
In Germania the economy is in technical recession having recorded, for two consecutive quarters, a drop in GDP. After the drop of 0.5% in the last three months of 2022, in fact, the Destatis statistics office has certified a drop from 0% to -0.3% also for the first quarter of this year. This figure clashes with the positive changes recorded in other European countries. But Chancellor Scholz says: “The prospects for the German economy are very good.”
Even considering the change over the year, a drop of 0.5% was recorded. Considering the first quarter, the estimates were decidedly more optimistic: in fact, a result was expected between unchanged and -0.1%.
Scholz: “Prospects are good” – “The prospects for the German economy are very good. And we are overcoming the challenges we face.” German Chancellor Olaf Scholz said this when commenting on the data. The chancellor stressed that Germany is in full employment, and that the main problem is the lack of workforce, a problem that the government will also address with the new law on the entry of workforce from abroad. “We are also releasing the forces of the economy with many laws, with which we speed up procedures and carry forward the expansion of renewable energies”.
Berlin: “Difficult phase, but we will improve” “The German economy went through a weak phase this winter – is the comment of Robert Habeck’s Economy Ministry -. But we expect a significant improvement during the year. These expectations are confirmed by the current GDP data, which show decidedly solid performances of industry, construction and services in the first quarter, while investments increase significantly”.
Gentiloni: “The German economy will recover soon” The European Commissioner for Economic Affairs Paolo Gentiloni reduces the weight of the German numbers with these words: “If Germany does not grow, it is not good news for Europe. However, we know that the German economy will recover in the coming months and therefore I would not give too much importance to technical recessions”.
And he clarifies: “There are different levels of growth. Italy, for example, has had good levels of growth in the last three years and also maintains some growth for this year. Italian manufacturing is closely linked to German manufacturing and therefore The situation in Germany can also affect our country. And in any case, as Italians, we certainly shouldn’t be happy about a slowdown in Germany”.
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