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Germany’s flailing economy dampens Eurozone’s economic oulook | Personal Finance | Finance

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The European Commission (EC) has lowered its economic outlook due to expectations figures will be dragged down by the downturn in  economy.

A new report shows the German  stagnated in the second quarter of 2023, following a decrease in real GDP of 0.1 percent in the first quarter.

Annually, the economy is now projected to shrink by 0.4 percent in 2023, marking a downward revision from the 0.2 percent growth first projected in the EC’s Spring Forecast.

Comparing it to the five other major economies in the group, which includes Spain, France, Italy, the Netherlands, and Poland, economists are labelling Germany the “sick man of Europe”, being the only major European nation to contract this year.

The growth forecast for the six largest economies in 2023 includes:

  • Spain: 2.2 percent increase
  • France: one percent increase
  • Italy: 0.9 percent increase
  • The Netherlands: 0.5 percent increase
  • Poland: 0.5 percent increase
  • Germany: -0.4 percent.

Updated projections show output across the bloc will now only rise by 0.8 percent this year, in contrast to the previous forecast of 1.1 percent.

Similarly, next year’s growth outlook has been reduced by an equivalent margin, now standing at 1.3 percent.

According to the EC’s report, the Summer Economic Forecast 2023, Germany’s economic contraction can be attributed to factors including real wage declines, weakened exports, and reduced public consumption resulting from the impact of Covid-19.

In 2024, real GDP is forecast to rebound by 1.1 percent driven by expectations that consumption will recover. However, this is still by a slightly lower margin than what was projected in spring, primarily due to a “slowdown” in the construction sector and less vigorous growth in exports.

Headline inflation in 2023 is expected to come down to 6.4 percent, implying a downward revision from the Spring Forecast, and to 2.8 percent in 2024, which is slightly higher than projected in the spring.

In the first half of 2023, energy and service price inflation fell more than expected. Nevertheless, service inflation is expected to remain “elevated” as wages rise.

Commenting on the report, Paolo Gentiloni, commissioner for economy said: “The EU avoided a recession last winter – no mean feat given the magnitude of the shocks that we have faced.

“However, the multiple headwinds facing our economies this year have led to a weaker growth momentum than we projected in the spring.”

In contrast, the EC conceded in its forecast that the UK has “held up better than previously expected”, despite energy prices and inflation being high.

However, it noted that while monetary policy continues to tighten amid “persistent inflationary pressures”, the outlook for trade, investment and productivity “remains weak”, and the growth projection for 2024 is also now lower.





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IRGC Vows To ‘Kill’ Netanyahu, Trump Seeks Help To Reopen Strait Of Hormuz While Not Being Keen On Ceasefire

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March 15, 2026

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Iran War News Live Updates: Trump Attempt To Open Strait of Hormuz

US President Donald Trump called on allied countries to deploy warships to protect shipping in the Strait of Hormuz, and there were no indications on Sunday that the ongoing war would end soon.

“The Countries of the World that ​receive Oil through the Hormuz Strait must take care of that passage, and we will help — ⁠A LOT!” Trump wrote in a social media post on Saturday. “The U.S. will also coordinate with those Countries so that ​everything goes quickly, smoothly, and well.”

The president said military facilities on the Persian Gulf island had been “obliterated,” adding that he chose not to hit oil infrastructure “for reasons of decency.” He threatened to do just that should Iran “do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz.”

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upGrad Signs Term Sheet To Acquire Unacademy In 100% Share-Swap Deal

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March 15, 2026

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upGrad has signed a term sheet to acquire Unacademy in a 100% share swap deal.

“Neither side will disclose the valuation until closing, when the papers are filed and the transaction becomes public,” Unacademy founder Gaurav Munjal tweeted on Sunday.

“I will be staying back as Co-Founder and CEO Unacademy – with the Goal to build Great Online Products for Learners in India and Globally,” Munjal added.

upGrad co-founder Ronnie Screwvala said his firm also agreed to a break fee if the deal is not closed. “If this closes. upGrad’s integrated model with an expanded focus from K12 to forever learning will be on a strong trajectory,”  Screwvala added.

“We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with Founder and CEO @gauravmunjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love,” he added.

In January, UpGrad had called off a deal to acquire Unacademy at a valuation of around $290 million, citing valuation concerns and various business-related challenges within the Temasek and SoftBank-backed startup, according to sources.

Sources said that UpGrad changed its mind after realising the business of Unacademy is shrinking and there is fierce competition around the offline centre business of the edtech firm, which will require massive investments.

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Light Rains Bring Relief To City On Sunday Morning, AQI ‘Moderate’

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March 15, 2026

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Many areas of the city witnessed light rainfall on Sunday morning, bringing a much-needed respite from the prevailing dry conditions, the IMD said.

The India Meteorological Department (IMD) stated that 5 mm of rainfall was recorded till 8.30 am.

According to the IMD data, Safdarjung and Lodhi Road recorded 0.8 mm rainfall each, while Palam received 0.4 mm. Ayanagar recorded 2.6 mm rainfall and Pitampura 3.5 mm, the highest among the stations.

ALSO READ: Mumbai Mayor Ritu Tawde Responds To Deepika Padukone’s ‘Children Are Choking’ AQI Post

Additionally, Mayur Vihar recorded 1.0 mm rainfall and Janakpuri 0.5 mm, while Ridge reported only a trace of rainfall.

The minimum temperature was recorded at 20.2 degrees Celsius, which is 5.1 notches above the seasonal average, while the maximum temperature is expected to settle around 28 degrees Celsius, the weather office said.

The AQI stood in the ‘moderate’ category at 9 am, with an Air Quality Index (AQI) reading of 190, Central Pollution Control Board (CPCB) data showed.

According to the CPCB, an AQI between zero and 50 is considered ‘good’, 51 to 100 ‘satisfactory’, 101 to 200 ‘moderate’, 201 to 300 ‘poor’, 301 to 400 ‘very poor’, and 401 to 500 ‘severe’.

ALSO READ: Delhi Gasps For Air: AQI Over 200 On Nearly Every Other Day, Winter Peaks Hit 466

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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