KfW Business Cycle Compass November 2023

A first silver lining is appearing on the economic horizon. According to the new autumn forecast by KfW Research, the German economy will grow again by a moderate 0.6% in 2024 but will presumably contract by 0.4% in 2023. Half of this year’s decline is attributable solely to the fact that 2023 has two fewer working days than 2022. Germany’s inflation rate will drop from 6.1% this year to 2.5% next year, thereby contributing to a recovery in consumption. Euro area GDP should grow by 0.5% in 2023 and 0.8% in 2024.

KfW Business Cycle Compass November 2023(PDF, 219 KB, accessible)

Press release