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Financial News: Ifo Downgrades Germany's Growth Outlook

Ifo Downgrades Germany's Growth Outlook

06/18/2019 - 05:12:00 (RTTNews)

(RTTNews) - The Ifo Institute downgraded Germany's growth outlook as the weakness in the industrial sector is gradually spreading to other sectors.

In the summer forecast, released Tuesday, the think tank downgraded its 2020 growth outlook to 1.7 percent from 1.8 percent. The forecast for 2019 was maintained at 0.6 percent.

The institute noted that the export oriented manufacturing sector is in recession.

Meanwhile, service providers and the construction sector are posting strong growth. However, the Ifo observed that more and more signs are indicating that the industrial weakness is gradually spreading to the domestic economy.

Ifo said, "Economic policies that attempt to change the globalized economic order through isolation, sanctions, and threats have increased uncertainty worldwide, cooled industrial activity, and caused world trade to plummet."

Bunesbank on Monday said the largest euro area economy is set to shrink in the second quarter as temporary factors that boosted first quarter growth fade.

The central bank, early this month, downgraded its growth outlook for 2019 to 0.6 percent from 1.6 percent and that for next year to 1.2 percent from 1.6 percent.

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