The German government's economic advisory body on Wednesday lowered its gross domestic product (GDP) growth forecast for this year to 0.2%, down from 0.7% last autumn.
The current development of the German economy is characterized by weak overall economic demand, the German Council of Economic Experts said.
"Private households are currently still reluctant to consume, while industry and the construction sector are only recording a small number of new orders," said council member Martin Werding.
However, the German economy is expected to gain some momentum over the course of 2024. Private consumption will probably begin to support the economy over the course of the year, as real incomes are likely to rise significantly, according to the experts.
The German government is also only expecting a mini growth rate of 0.3%, pointing to the sluggish global economy.
