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Financial News: DIHK Raises Germany's 2017 Growth Forecast

DIHK Raises Germany's 2017 Growth Forecast

10/19/2017 - 08:30:00 (RTTNews)

(RTTNews) - The German Chamber of Industry and Commerce (DIHK) on Thursday raised the biggest euro area economy's growth forecast for this year and projected an acceleration in the pace of expansion next year, citing the prospect of further consumption gains, stronger exports and record investment intentions.

Germany's gross domestic product is set to grow 2 percent this year, which is faster than the 1.8 percent predicted earlier.

The pace of growth is set to improve to 2.2 percent next year, the group said.

The predictions are based on the economic survey that was based on the responses of around 27,000 companies.

The DIHK also raised the employment growth forecast for this year to 600,000-650,0000 from 500,000 increase seen earlier.

The ongoing strong growth momentum is supported by domestic demand and solid exports, the survey showed. The business situation in the construction sector was particularly positive, hitting a peak for the third time in a row.

The survey also showed a revival of concerns about the euro exchange rate, yet the appreciation was seen as a reflection of further economic recovery in the EU.

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