The German economy is showing more and more signs of a recession approaching, mainly due to the energy crisis. The Bundesbank stated this in its regular monthly report on Monday. She expected the natural gas supply situation to remain very tight in the coming months. Gas tanks in Germany are already 90% full. In the event of favorable developments, according to Economy Minister Habecl, Germany has a chance to successfully survive the winter.




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Minister Robert Habeck said Monday that the reservoirs are close to 90 percent Photo: Markus Schreiber | Source: ČTK / AP

This year, Germany, like other European countries, suffers from restrictions on gas supplies from Russia as a result of the war in Ukraine. Russian gas company Gazprom announced earlier this month that it will keep the Nord Stream 1 gas pipeline out of service until maintenance defects are fixed.

Nord Stream 1 runs from Russia to Germany along the bottom of the Baltic Sea and is the main route for Russian gas supplies to the European Union.


The German economy will slow significantly this year due to the energy crisis. It will go into recession next year

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The Bundesbank said on Monday that thanks to supplies from other countries and advances in savings and hoarding, Germany can still avoid the need to introduce gas rationing during the winter. “However, further significant reductions in gas consumption, especially in homes, are needed for this,” she added.

According to data from Gas Infrastructure Europe (GIE), gas storage tanks in Germany were 89.67% full at the end of the week. Minister Robert Habeck said Monday that storage tanks are 90 percent full, even though Germany has already stopped buying gas at any price.

According to Habeck, German Chancellor Olaf Schulz is expected to sign LNG supply contracts during his visit to the United Arab Emirates later this week. Habek also stated that the government will continue to support large gas importers and will not allow them to fall into bankruptcy.

German Finance Minister Christian Lindner warned Monday that he is still looking for ways to ensure gas prices remain affordable for consumers.

CTK

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