The growth forecast for Germany has been lowered for the current year after a panel of advisers to the German government warned of risks to the economy. The German Council of Economic Experts for Economic Research has announced it expects gross domestic product (GDP) to grow by only 0.8 percent in 2019, Focus Money reports. This is down from a plus of 1.5 percent which was expected in November. For 2020, GDP is expected by the German Council of Economic Experts to grow by 1.7 percent.
The downgrade of the growth forecast for 2019 has been linked to a slowdown in the overall economy, with a cooling in the chemical and auto sectors partly to blame.
Other risk factors that could impact finances include Brexit, trade disputes and a sharper than expected slowdown in China, according to economic advisers.
Christoph Schmidt, one of the advisers, said: “The German economic boom is over but a recession is not currently expected due to the robust domestic economy.”
Additional reporting by Monia Pallenberg.
More to follow…
Published at Tue, 19 Mar 2019 10:18:00 +0000