German economy to shrink by 0.4 pct in 2023: ifo

BERLIN, June 21 (Xinhua) -- Germany's gross domestic output (GDP) is expected to shrink by 0.4 percent in 2023, according to the latest forecast published by the ifo Institute on Wednesday.

In the spring, the institute expected a decline of 0.1 percent for 2023.

Ifo said that inflation is expected to slow down slightly, from 6.9 percent in 2022 to 5.8 percent this year, before gradually returning to norma