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Financial News: German Think Tanks Raises GDP Forecast

German Think Tanks Raises GDP Forecast

09/28/2017 - 07:22:00 (RTTNews)

(RTTNews) - Germany's economy is forecast to expand at a faster pace on robust domestic spending, exports and investment, the leading economic institutes said in a joint report released Thursday.

In the Joint Economic Forecast, the agencies said the economy is set to expand 1.9 percent this year and 2 percent in 2018. The projections were raised from 1.5 percent and 1.8 percent, respectively.

The outlook for 2019 was 1.8 percent.

The unemployment rate was expected to fall from 5.7 percent this year to 5.5 percent in the coming year and 5.2 percent in 2019.

The institutes forecast consumer prices to rise by 1.7 percent in the current and next year and by 1.8 percent in 2019.

Further, think tanks said budgetary surpluses would be used to improve the economic environment. The budget surplus for 2017 was estimated to be 0.9 percent of GDP and 1.1 percent next year.

The institutes that took part in the report were DIW, IfW, IWH, Ifo and RWI-Essen.

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