Germany GDP to grow 0.5% in 2013, 1.7% in 2014 - government

23 October 2013 16:09  [Source: ICIS news]

LONDON (ICIS)--Germany’s government expects the country’s economy to grow 0.5% this year and 1.7% in 2014, it said in an official forecast on Wednesday.

The government left is previous forecast from April unchanged for 2013 but slightly raised the forecast for 2014, which had been for 1.6% GDP growth.

The government's latest forecast is broadly in line with recent projections by German economics institutes. 

Germany’s economy is on course for solid growth,” outgoing economics minister Philipp Rosler said.

Growth would be supported by domestic demand and companies’ investments, Rosler said.

However, Rosler said that the global economic environment remained fragile, with only slow demand growth in many of Germany’s main export markets.

Germany’s exports would rise by only 0.3% this year. For 2014, the government expects a 3.8% increase in exports, the minister said.

In 2012, Germany’s GDP grew 0.7% and in 2011 it grew 3.3%.

Rosler is due to leave his position because his Liberal party did not secure enough seats in September’s election to be represented in parliament. Chancellor Angela Merkel’s Christian Democrats are currently negotiating with the Social Democrats to form a new coalition government.

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

By: Stefan Baumgarten
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