Germany downgrades GDP forecasts

Economy 10/11/2018, 12:29 PM
Germany downgrades GDP forecasts

Even though unemployment is expected to reach a record low next year, the introduction of protectionist measures and trade standoffs on the global stage will hurt the expansion of the domestic economy, Germany's Federal Ministry for Economic Affairs and Energy said on Thursday. Mirroring leaks to the media from draft documents, the growth in gross domestic product was estimated at 1.8% for this year and next, compared to predictions of 2.3% and 2.1%, respectively, from half a year ago.

Minister Peter Altmaier said employment may top 45 million. He praised the demand side in the largest economic engine of Europe and claimed personal consumption is enjoying the effects of wage growth and tax cuts. The upswing is continuing but the outlook deteriorated because of developments overseas, in his view.

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