07 April 2011 19:59 [Source: ICIS news]
TORONTO (ICIS)--Eight German research institutes have raised their 2011 GDP growth forecast for the country to 2.8%, mainly because of better-than-expected export prospects, they said in a joint report on Thursday.
The forecast compares with the institutes' previous 2011 GDP growth projection of 2.0% from autumn last year, and the government’s 2.3% growth forecast from January.
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Risk factors to
“If a reduction in oil supply were to come about because of increasing unrest in the Arab countries, or if the European debt and confidence crisis were to worsen, this would have a clear effect on the economy,” they said.
The institutes also said while there would be no severe effects from the
“It will likely take months until adequate electricity supplies will be restored and
The institutes said they expect lower unemployment in Germany to lead to wage increases this year, and went on to note the recent 4.1% wage hike in Germany’s chemical industry.
BDI also said the institutes' projection of a mere 1.2% increase in
In a related report, the economics ministry said on Thursday that
In 2010, chemical production increased 11.0% year on year, after declining 10.0% in 2009 from 2008.
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