German economy heads for recession after shrinking in the last quarter
Omicron adds to drags on output from supply snarls and fastest inflation in 30 years
16 January 2022 - 07:08
Germany is headed for its second recession of the pandemic after the emergence of the coronavirus’s Omicron strain compounded drags on output from supply snarls and the fastest inflation in three decades.
Europe’s largest economy shrank by 0.5% to 1% in the final quarter of 2021, according to an estimate released on Friday by the Federal Statistics Office. With new Covid cases at a record and the key manufacturing industry still struggling to source components, Dekabank, NordLB and ABN Amro all predict another contraction this quarter...
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