Baden-Württemberg: Economics Minister: Upswing is coming under pressure

Stuttgart (dpa / lsw) - According to Economics Minister Nicole Hoffmeister-Kraut, the upswing in the south-west is coming under increasing pressure.

Baden-Württemberg: Economics Minister: Upswing is coming under pressure

Stuttgart (dpa / lsw) - According to Economics Minister Nicole Hoffmeister-Kraut, the upswing in the south-west is coming under increasing pressure. One reason for this is the Russia-Ukraine war, the CDU politician announced on Tuesday in Stuttgart. The competitiveness of companies is burdened, the purchasing power of private households decreases.

The department head referred to a current forecast by the Tübingen Institute for Applied Economic Research (IAW). Accordingly, economic output is likely to fall by 0.2 percent in the current period from April to the end of June compared to the first three months of the year.

"This reflects the effects of the Russian invasion of Ukraine as well as the still tense international supply chains," the ministry reported. Households and companies would have to be relieved in view of the situation.

According to the Tübingen economic experts, the gross domestic product (GDP) of the southwest should increase by 3.2 percent for the year as a whole - that would be 0.2 points less than in the previous year.

According to the ministry, Baden-Württemberg is the largest industrial location in Germany and one of the most important in Europe.

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