ifo Institute cuts German growth forecast

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Munich-based ifo Institute has announced a further revision of its GDP growth forecast for Germany in 2014, from 1.3 previously anticipated to 1%.

The reduction of estimates is among others based on the continued decline of the monthly  ifo business climate index, which dropped from 104.7 to 103.2 points between September and late October.

According to ifo president Hans-Werner Sinn, the persistent decline of the index points to economic stagnation at the end of this year.

„The new average outlook for economic growth in Germany is according to our preliminary estimates again somewhat lower, approximately at 1%. However, it should be kept in mind that there is at this point in time still a relatively high margin of uncertainty“ argues Sinn.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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