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German government pares back 2016 growth forecast to 1.7%

[BERLIN] The German government on Wednesday trimmed back its economic forecast for the current year, but insisted that Europe's biggest economy was still "in good shape".

The government, in its annual economic report, said it expected gross domestic product (GDP) to expand by 1.7 per cent in 2016, fractionally slower than an earlier prognosis of 1.8 per cent.

"Germany's economy is in good shape," the statement said.