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German gov't expects economic growth pace to slow down in 2nd half of year

Xinhua, September 12, 2016 Adjust font size:

The German economy remains in solid expansion, but its growth pace should slow down in the second half of 2016, said the German economy ministry on Monday.

"The upturn in the German economy remains solid," the ministry said in its monthly report. "However, the pace of growth will be slower in the second half than in the first."

Driven mainly by domestic demand, Europe's biggest economy expanded by 0.7 percent in the first three months of 2016, and by 0.4 percent in the second quarter.

The ministry said Germany's labor market remained in good shape, but "the external environment remains difficult," citing the Brexit vote as one uncertainty for the German economy.

Recent data, which included a sharp drop in Germany's industrial production, also fueled worries about the economic outlook.

"The German economy will therefore expand at a moderate pace," the ministry added. Endit