Gas market situation adversely affects Germany economy – Bundesbank

TASS Russian News Agency | Aug 22, 2022 at 2:48 PM

BERLIN, August 22. /TASS/. Conditions evolved on the gas market adversely affect the Germany economy, the German federal bank (Bundesbank) said on Monday.

"In the opinion of experts, gas market developments adversely affect German economic growth in summer and subsequent quarters. According to current estimates, economic indicators again did not change during the summer quarter," Bundesbank said.

National GDP may contract in fall and winter, Bundesbank specialists expect. Uncertainties with gas supplies in winter and the price spike create a burden for households and businesses. Inflation may reach 10% in fall but the exact forecast is difficult to be provided because of the unclear situation on the commodity market.

Germany's GDP did not show growth in the second quarter of this year, the country's statistical agency said on July 29.