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German economy will shrink, but by less than many expected - Economy Minister

Published 12/10/2022, 12:35
Updated 12/10/2022, 14:06
© Reuters. German Economy and Climate Minister Robert Habeck, German Foreign Minister Annalena Baerbock and German Chancellor Olaf Scholz attend the weekly German cabinet meeting at the Chancellery in Berlin, Germany October 12, 2022.  REUTERS/Annegret Hilse

© Reuters. German Economy and Climate Minister Robert Habeck speaks at a news conference about the autumn economic outlook in Berlin, Germany October 12, 2022. REUTERS/Annegret Hilse

BERLIN (Reuters) - Germany's economy will fall into recession, shrinking 0.4% in 2023 compared to the 2.5% growth previously forecast, thanks to an economic war Russia's President Vladimir Putin was waging, German Economy Minister Robert Habeck said on Wednesday.

Unveiling the government's latest economic forecasts, Habeck told a news conference that the contraction, though serious, was less than many experts had expected would be the result of a cut to Russian gas supplies, thanks to the measures Berlin had taken to protect the economy.

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