German manufacturers expect slowdown in export growth in Feb.

German manufacturers expect a notable slowdown in export growth in February, research group Ifo institute reported here on Wednesday.

The outlook value fell to 4.5 balance points in February from 7.4 points in January, the think tank said.

"The flagging dynamics in the world economy are increasingly taking their toll on the German export industry," Ifo president Hans-Werner Sinn noted.

According to the report, the drop in export expectations was seen in nearly all key branches.

The downturn was sharpest in the pharmaceuticals industry, followed by the metals processing sector. The chemical industry also suffered a downswing this month after clearly benefiting from the low oil price in January. In automotive manufacturing, the export indicator fell for the third consecutive month.

The Ifo business climate index is considered the most important barometer for the German economy. Endit