Downswing stopped: medium-sized businesses expect some improvement. Sharply rising real wages are likely to boost private consumption and contribute to the expected economic growth of 0.3 percent for 2024.
According to KfW forecasts, German gross domestic product is expected to increase by 1.2 percent next year. However, there are at least signs of the expected, consumption-driven recovery among service providers in the latest economic surveys. The current levels of business climate have only been seen in the past during significant recessions.