Berlin, August 31 2023, The Europe Today: Inflation across the 20 countries that use the single currency remained stable in August at 5.3 percent, still far away from the 2 percent target of the European Central Bank.
Germany’s central bank anticipates that the country’s economy, Europe’s biggest, will be more or less stagnant again in the current quarter – adding to a string of weak performances.
Inflation across the 20 countries that use the single currency remained stable in August at 5.3 percent
German gross domestic product stagnated in the second quarter after declining in both of the two previous quarters as the country struggled with high energy prices, rising borrowing costs and weakness in China, which has been a key trading partner.
The International Monetary Fund forecast last month that Germany would be the globe’s only major economy to shrink this year, even with feeble economic growth around the world amid rising interest rates and the threat of growing inflation.
