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World

German upswing continues despite trade conflicts

BERLIN: The German economy remains on a growth track due to strong domestic demand, but the upswing is being slowed down

December 13, 2018

BERLIN: The German economy remains on a growth track due to strong domestic demand, but the upswing is being slowed down by a difficult trade environment and temporary effects in the automobile sector, the Economy Ministry said on Thursday.

"Trade conflicts, emerging market currency turmoil and geopolitical conflicts weigh on the global economy and have increased general uncertainty about the economic development," the ministry said in its monthly report.

"The postponement of the British parliament's vote on the Brexit agreement has not averted the risk of a disorderly exit of the United Kingdom from the European Union," it added.

On the other hand, the government's agreed measures such as lowering the income tax and increasing benefits for families with children will give the economy an additional boost from the beginning of next year, the ministry said.

"All in all, the German economy should perform well in this difficult environment," it said.

Economy Ministry Peter Altmaier on Monday lowered the government's growth forecast for this year to around 1.5 to 1.6 percent, down from the previous estimate of 1.8 percent.

Copyright Reuters, 2018