German government cuts 2018 growth forecast to 2.3 percent

BERLIN (Reuters) – The German government on Wednesday lowered its forecast for 2018 growth to 2.3 percent from 2.4 percent previously, confirming news reported by Reuters on Tuesday.

The Economy Ministry said foreign trade was unlikely to make a significant contribution to growth.

“The German economy remains buoyant and the upturn is continuing,” German Economy Minister Peter Altmaier said in a statement, adding that employment would rise by one million people by 2019 while unemployment would hit a new record low.

That increase in new jobs combined with rising incomes means consumer demand will likely be strong, the Ministry said. It added that corporate investment would also remain dynamic.

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