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Financial News: German Economy To Grow 1.5% This Year, BDI

German Economy To Grow 1.5% This Year, BDI Says

06/20/2017 - 07:23:00 (RTTNews)

(RTTNews) - The German economy is set to sustain its robust growth momentum this year with foreign trade emerging again as the key driver, but policymakers must prepare the economy for the uncertainties from the USA and Brexit, the Federation of German Industries, or BDI, said Tuesday.

Real economic output will grow by 1.5 percent, BDI President Dieter Kempf said in Berlin. The biggest euro area economy grew 1.9 percent in 2016.

"The robust economic situation is not a signal to sit back and rest on one's laurels," Kempf said.

"Our success is also a result of a weak euro, the moderate price of oil, and the expansive monetary policy of the European Central Bank. Those are all factors over which we have very limited control."

Despite uncertainty from the United States and Brexit, global markets remain the foundation and future of a strong German economy, Kempf said.

Regarding Brexit, the BDI Chief said the responsibility for limiting the harm to the economy and citizens on both sides lies primarily with the British government led by Prime Minister Theresa May.

"Prime Minister Theresa May should consider this: a hard Brexit has been voted out," Kempf said.

The industry lobby also sought structural tax reform and even distribution of record tax revenues. Kempf proposed spending one third of the surplus on investments, one third on education, and one third on structural tax reform.

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