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German gov't increases 2016 growth forecast to 1.8 pct

Xinhua, October 7, 2016 Adjust font size:

The German government increases its 2016 growth forecast slightly to 1.8 percent from 1.7 percent forecast in April, the German Federal Ministry for Economic Affairs and Energy said on Friday.

According to its statement, the growth forecast for 2017 will fall by 0.1 percent to 1.4 percent, while the growth forecast for 2018 will be 1.6 percent.

"The upswing of German economy is solid," German Economy Minister Sigmar Gabriel said.

"The German economy is thus maintaining itself in a particularly difficult external environment. The global economy is still not running smoothly. In addition, the consequences of the Brexit decision, which are not yet foreseeable in many areas," he added.

According to the ministry, the labor market continues to be pleasing and unaffected by the weak external economic environment.

The government expected that total employment in 2018 to reach 44.3 million, 1.3 million more than in 2015. Meanwhile, the number of unemployed people will fall by 160,000 to 2.63 million.

In addition, the growth forecast for German export will be 2.3 percent in 2016, 2.1 percent in 2017 and 3.9 percent in 2018 under the background of slightly improved global economic outlook.

"The weak development of the global economy is not an ideal environment for investment by export-oriented companies in Germany," Gabriel said. Endit