The German government projects a 0.4% decline in its economy for 2023.

Based on the current autumn estimates from the German government, the economy would contract by 0.4% this year, a source with knowledge of the projections told Reuters on Friday.

The source then forecasts that the GDP will expand by 1.3% in the next year and 1.5% in 2025.

According to the government's April prediction, GDP growth would be 0.4% in 2023.

Furthermore, the authority predicts that inflation will be 6.1% this year and 2.6% the next year.

The European Commission revised its prediction for the German economy last month from 0.2% growth to a 0.4% decline this year.

German economic research organisations Ifo and DIW predict a 0.4% decrease as well.

(Sources: investing.com, reuters.com)