German economy keeps growing regardless of difficulties
- 5 months ago
The German economy is on track to keep its growth rate thanks to domestic consumer demand, however the turbulent trade environment and momentary hits to car manufacturers have held it back.
The Economy Ministry released its monthly report earlier in the day stating those sentiments which also included the slow process of the U.K.’s decision on Brexit.
“Trade conflicts, emerging market currency turmoil and geopolitical conflicts weigh on the global economy and have increased general uncertainty about the economic development,”
“The postponement of the British parliament’s vote on the Brexit agreement has not averted the risk of a disorderly exit of the United Kingdom from the European Union.”
The German government has however agreed on tax measures which include reducing income tax and increasing benefits for families.
The report continued, “All in all, the German economy should perform well in this difficult environment.”
The government’s growth forecast for 2018 was lowered to 1.5-1.6%, down from the previously estimated 1.8%.
Source: Smart Trend Team