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Financial News: Bundesbank Cuts Germany's Growth Outlook

Bundesbank Cuts Germany's Growth Outlook

06/07/2019 - 06:22:00 (RTTNews)

(RTTNews) - Germany's central bank downgraded Germany's growth projections citing lackluster exports amid trade disputes.

In the latest biannual report released Friday, Bundesbank forecast the largest euro area economy to grow just 0.6 percent this year compared to its previous projection of 1.6 percent.

The outlook for 2020 was lowered to 1.2 percent from 1.6 percent. GDP will then accelerate slightly to 1.3 percent in 2021, the bank said.

Although the forces driving the domestic economy remain intact, underlying cyclical trend is subdued. Lackluster exports are taking its toll on industry, the bank noted. Bundesbank President Jens Weidmann said, "Once foreign demand picks up, German economic growth will be more broadly based again."

The bank retained its inflation forecast at 1.4 percent for this year, but lowered its estimate for 2020 to 1.5 percent from 1.8 percent. Inflation is seen at 1.7 percent in 2021.

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