Germany’s Economy Minister Peter Altmaier said on Tuesday, his government will cut the 2021 GDP forecast to 2.6% from 3.5% previously estimated in April, Reuters reports, citing two sources.
Meanwhile, he said to lift the 2022 GDP forecast to 4.1% vs. 3.6% predicted in April, the sources added.
The sources said that the German government expects inflation to jump to 2.9% in 2021 and ease to 2.2% in 2022, 1.7% in 2023.
Altmaier, however, declined to comment on the GDP forecasts.
EUR/USD struggles with 1.1600
EUR/USD is unfazed by the above comments, defending minor bids at 1.1609, as of writing.
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