Düsseldorf (dpa) – Economic researchers expect that the economy in North Rhine-Westphalia will recover somewhat in the coming year. In its forecast presented on Monday, the RWI research institute assumes growth in NRW’s gross domestic product of 0.8 percent. Experts expect growth of 1.3 percent for the entire country. For the current year, the RWI expects economic output in North Rhine-Westphalia to decline by 1.1 percent. Nationwide, experts expect a decline of 0.6 percent.
“The first signs of an economic recovery are already on the horizon,” said Economics and Climate Minister Mona Neubaur (Greens) when presenting the forecast in Düsseldorf. However, energy prices will remain high for the foreseeable future. “We therefore need an expansion of renewable energies in the next few years and, for the transition period, a reduction in energy tax and a bridge electricity price. And we need it now.”
The economic recovery that began in the current quarter will be driven primarily by private consumption in the fourth quarter, explained RWI economic expert Torsten Schmidt. Real disposable incomes have already increased. “This will become noticeable little by little.” Investments would only increase over the next year. Foreign trade will also experience a boost, “a certain recovery, which will then also be felt in German and North Rhine-Westphalia exports.”
Meanwhile, industry and trade are less optimistic than economic researchers. “The economy in North Rhine-Westphalia – especially industry – is in crisis,” said the President of the North Rhine-Westphalia Chambers of Industry and Commerce, Ralf Stoffels, citing the chambers in North Rhine-Westphalia’s latest economic survey of 4,500 companies. After a brief stabilization in the middle of the year, the economic situation worsened in the fall. “It is the high energy prices, rising labor costs and the significant increase in interest rates that are putting pressure on the international competitiveness of our NRW economy.” Unfortunately, the prospects for the next few months remained cloudy.
© dpa-infocom, dpa:231030-99-760533/2
2023-10-30 18:00:54
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