BERLIN: Germany's leading economic think tanks on Thursday pared back their growth forecast for Europe's top economy this year, but said growth would pick up again in 2014.
The four institutes -- Ifo in Munich, IfW in Kiel, IW in Halle and RWI in Essen -- predicted that German gross domestic product (GDP) would expand by 0.8 percent in 2013, instead of by an earlier forecast of 1.0 percent, and then grow by 1.9 percent in 2014.
"An upwards tendency re-emerged in the German economy in spring 2013. The situation in the financial markets has eased thanks to subsiding uncertainty regarding the future of the European Monetary Union. The headwind in the world economy has also tailed off somewhat," the think-tanks said in their latest spring forecast.
"The institutes expect gross domestic product in Germany to increase by 0.8 percent this year and by 1.9 percent next year," the report said.
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