Reuters reports that the DIW economic institute said that the German economy will grow slower than expected this year as supply chain problems and shortages of raw materials keep a lid on the industrial recovery.

The DIW trimmed its growth forecast for 2021 year to 2.1% from a previous 3.2%, but predicted a jump of 4.9% in 2022 assuming production constraints lift towards the end of the year. It sees growth normalising at 1.5% in 2023.