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Financial News: Ifo Raises Germany's Growth Outlook

Ifo Raises Germany's Growth Outlook

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

(RTTNews) - The upturn in the German economy is gaining impetus, the Munich-based Ifo economic institute said Tuesday.

The Ifo raised its growth outlook for this year to 1.8 percent from 1.5 percent. For 2018, the think tank projected 2 percent growth instead of 1.8 percent.

The institute said economic growth is being driven by buoyant consumer demand and brisk construction activity. Exports will also make a contribution to the upswing.

Earlier this month, Bundesbank projected the largest euro area economy to grow 1.9 percent in 2017 and 1.7 percent in 2018.

The think tank forecast employment to rise to 44.2 million this year and then to 44.57 million in 2018. At the same time, the jobless rate is seen easing to 5.7 percent in 2017 and at 5.5 percent next year.

Further, the Ifo forecast inflation to rise to 1.7 percent in 2017. For 2018, the institute projected 1.6 percent.

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