Helaba Economist: 'Good Figures for Thuringia' - Thuringia's Economy Rebounds with 0.6% Growth in 2023
Thuringia's economy is showing signs of recovery, with a predicted growth of 0.6 percent in 2023, outpacing the national trend of 0.2 percent. The service sector is now the region's stabilizing force, and a construction crisis is expected to end by 2024, boosting the real estate market.
Bartosz Arabik, head of the economic department at Landesbank Hessen-Thuringia, predicted this positive development in Erfurt. Thuringia's lower dependence on foreign markets, due to global turbulence and U.S. tariffs, is now a stabilizing factor. Consumer spending is expected to drive the recovery, both in Thuringia and Germany.
The region's economy is gaining momentum after years of weakness. Real economic growth of 0.6 percent was achieved in the first half of 2023, while Germany as a whole saw no price-adjusted growth. However, government investment alone will not be enough to boost economic confidence. Energy prices must fall, and bureaucracy must be reduced for confidence to grow. By 2026, Thuringia's economy is projected to grow by 1.8 percent.
Thuringia's economy is on the rise, with a predicted growth of 0.6 percent in 2023 and a projected 1.8 percent growth by 2026. The service sector is now the stabilizing force, and the construction crisis is expected to end by 2024. Consumer spending and reduced bureaucracy are key to maintaining this positive trajectory.
