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German economic institutes cut 2021 growth forecast to 2.4% – sources

BERLIN, Oct 13 (Reuters) – Germany’s economic institutes will cut their joint forecast for 2021 growth of Europe’s largest economy to 2.4% from the 3.7% they previously projected as supply bottlenecks slow recovery, two people familiar with the decision told Reuters on Wednesday.

The institutes, which are expected to release their joint growth forecast on Thursday, will also raise their forecast for growth next year to 4.8% from 3.9%, and will project 1.9% economic growth for 2023.

The German government, which so far has been forecasting growth of 3.5% for this year and 3.6% for next, is expected to update its own estimates this month as well.

(Reporting by Rene Wagner; Writing by Riham Alkousaa; Editing by Maria Sheahan)

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