Germany's government cuts 2013 GDP growth forecast

17 October 2012 14:47  [Source: ICIS news]

LONDON (ICIS)--Germany’s government has lowered its projection for the country’s 2013 GDP growth to 1.0%, from previously 1.6%, it said on Wednesday.

In its official autumn assessment (“Herbstgutachten”), the government pointed to impacts from the ongoing eurozone crisis and weaker growth trends in emerging economies in Asia and Latin America.

However, economics minister Philipp Rosler said that while there was a weakening of growth, it would go too far to talk about a “collapse in growth.”

In fact, Germany’s economy remained in robust shape and rested on firm foundations, Rosler said.

“There are many indications that the global economy will gain momentum in 2013. Then Germany’s economic growth should pick up again,” Rosler said.

For 2012, the government slightly raised its GDP projection to 0.8%, from 0.7% in its previous assessment issued in April.

In 2011, Germany’s GDP grew 3.0% year on year, and in 2010 it grew 4.2%.

In Germany’s chemical industry, producers trade group VCI expects a 3.0% year-on-year decline in the country's chemicals production in 2012. 

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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