03 December 2010 16:22 [Source: ICIS news]
The Bundesbank forecast
“The recovery in the German economy will continue in the next two years following the impressive catching-up process in the current year,” the bank said.
The upturn in
While exports would remain the economy’s primary driver, “external impulses” would have a growing effect on domestic economic activity, it said.
Investment in machinery and equipment as well as in construction were boosted by low interest rates, while private consumption was benefiting from growing employment and higher wages, the bank said.
The unemployment rate should continue to fall from the current 7.5% to 6.9%, or below 3m, by 2012.
Meanwhile, average consumer prices could go up, by 1.7% in 2011 and 1.6% in 2012.
However, the bank warned that its projections were subject to downside risks from “persistent uncertainties in the financial markets due to the fragile position of public finances in a number of industrial countries”.
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