Dekabank, NordLB and ABN Amro all predict another contraction this quarter.
FRANKFURT: Germany is headed for its second recession of the pandemic after the emergence of the 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 last Friday by the Federal Statistics Office. With new Covid-19 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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