Germany expected to slash growth estimates for 2019: report

[BERLIN] The German government is expected to significantly lower its economic growth forecast for this year, while betting on a resurge in 2020, the financial daily Handelsblatt said.

The economy ministry, in an annual report due Wednesday, will forecast a GDP growth rate of 1.0 per cent for 2019, down from an estimate of 1.8 per cent a few months ago, the newspaper said in its Friday edition.

Berlin will take into account "the slowing global economy", which is harmful to German exports, as well as the uncertainty around Brexit, Handelsblatt said.

This adjustment to the growth forecast is not a surprise as Europe's top economy has faced a series of industrial difficulties for several months.

If the slower growth is confirmed, Germany would still mark its 10th consecutive year of expansion, before accelerating again with estimated growth of 1.6 per cent next year, according to Handelsblatt.

AFP