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German economy to grow 1.3 pct in 2017: report

Xinhua, November 2, 2016 Adjust font size:

Germany's real gross domestic product is expected to grow by 1.9 percent in 2016 and 1.3 percent in 2017, the German Council of Economic Experts (GCEE) said in its annual report on Wednesday.

The report noted the upturn in Germany and the euro area continues, adding the unusually expansionary monetary policy of European Central Bank has been a key factor in the euro area upturn.

In addition, the real growth for the euro area is forecast to be 1.6 percent in 2016 and 1.4 percent in 2017.

"The euro area member states should now use the tailwinds of the economic upturn to carry out structural reforms," GCEE's chairman Christoph Schmidt said.

"Even the German government did not sufficiently use the positive economic growth of the past few years for market-oriented reforms," Schmidt added.

As the report predicted, German unemployment rate drops from 6.4 percent in 2015 to 6.1 percent in 2016 and will stay at the same level in 2017.

GCEE, a group of five economists appointed by the country's president to advise the government and parliament on economic policy issues, publishes every November its annual report, which is considered as one of the most authoritative report of economic forecasts in Germany. Endit