Germany commerce chamber cuts country's GDP growth forecast to 0.3%

23 May 2013 16:10  [Source: ICIS news]

LONDON (ICIS)--Germany’s chamber of commerce has cut its forecast for the country’s 2013 GDP growth to 0.3% - from previously 0.7% - following a survey of some 24,000 companies, it said on Thursday.

DIHK said that the survey showed that economic conditions in Europe were stabilising at a slower pace than had been hoped for. In addition, adverse weather conditions affected business activity in the first three months of the year, it said.

The weak first quarter would have lasting effects and would be hard to offset over the balance of the year, DIHK general manager Martin Wansleben said.

However, companies surveyed indicated that they expected business conditions to improve going forward, and they had not changed their plans for employment and hiring, he added.

For 2014, the chamber forecasts Germany’s GDP growth at 1.0%.

Germany's GDP grew 0.1% in the 2013 first quarter from the 2012 fourth quarter, when it was down 0.7% from the third quarter. Compared with the 2012 first quarter, 2013 first-quarter GDP was down 1.4% year on year, according to the latest data by the country's federal statistics office.

Germany’s government has forecast GDP growth of 0.5% in 2013 and 1.6% in 2014.

Germany’s chemical production is expected to increase by 1.5% year on year in 2013, according to chemical producers trade group VCI.

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

By: Stefan Baumgarten
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