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German institutes lower 2016 growth forecast to 1.6%
[BERLIN] Germany's leading economic institutes will lower their growth forecast for Europe's largest economy for this year to 1.6 per cent from 1.8 per cent previously, sources told Reuters on Wednesday.
The institutes expect growth to further slow in 2017, with gross domestic product (GDP) predicted to expand by around 1.5 per cent, two people familiar with the forecast told Reuters.
The institutes will publish their growth estimates on Thursday and the government is expected to update its own forecast on April 20.
In 2015, the German economy grew by 1.7 per cent, the strongest rate in four years, helped by robust private consumption and higher state spending on refugees and infrastructure.