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Report: Only 0.5% Growth for German Economy
Germany’s gross domestic product will expand by just 0.5% this year and 1.1% in 2020, according to a group of the country’s economic institutes.
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Germany gross domestic product will expand by just 0.5% this year and 1.1% in 2020, according to a group of the country’s economic institutes.
Their new forecast compares with a prediction last spring that Germany’s GDP would grow by 0.8% in 2019 and 1.8% next year. The institutes note that their outlook is muddied by the uncertainties of trade conflicts and a likely no-deal U.K. exit from the European Union at the end of October.
Germany’s economy expanded 1.5% last year. But it shrank slightly in this year’s second quarter and is widely expected to have done so again in July-September. Economists generally define two successive quarters of decline as a recession.
One of the German economic institutes estimates that a “hard” Brexit could trim German GDP growth by 0.4 percentage points in 2020 and 0.3 points in 2021, the Associated Press reports.
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