Germany's Habeck: Economy will slide into recession, expecting GDP -0.4% in 2023

German Economy Minister Robert Habeck said on Wednesday that they see the German economy sliding into recession and contracting by 0.4% in 2023, confirming earlier reports.

"We will have negative growth figures in the third quarter, fourth quarter this year and in the first quarter next year," Habeck added. 

Regarding gas reserves, Habeck noted that they have a good chance of making it through this winter. 

Market reaction

The EUR/USD pair edged slightly lower after these comments and it was last seen posting small daily gains at 0.9709.