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Germany Cuts Growth Forecast
Citing unfavorable external factors, Germany now expects its economy to expand only 1.2% this year and 1.3% in 2015, down from previous estimates of 1.8% and 2%, respectively.
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Citing unfavorable external factors, Germany now expects its economy to expand only 1.2% this year and 1.3% in 2015, down from previous estimates of 1.8% and 2%, respectively.
Economy Minister Sigmar Gabriel blames slower growth on "difficult external waters" rather than any weakness in the country's domestic economic health.
Gabriel predicts Germany will return to "solid growth" as soon as international economic conditions improve. The country's economy shrank 0.2% in April-June as demand for its exports slowed. Germany's exports fell nearly 6% in August, the sharpest monthly decline in five years.
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