German 2014 economic growth could be lower than forecast

GMT 15:13 2014 Sunday ,28 September

Arab Today, arab today German 2014 economic growth could be lower than forecast

Energy Minister Sigmar Gabriel (L)
Berlin - AFP

Germany's economy could grow less in 2014 than the 1.8 percent predicted by the government, but it still remains in good shape compared to its EU partners, the economy minister said Sunday.
Sigmar Gabriel, economy minister of Europe's top economy, told Deutschlandfunk radio that the Ukraine crisis had hit the investment climate and not just for those companies with direct trade ties with Russia.
"It can be that in the end the growth figures are still a bit below our forecast of 1.8 percent," Gabriel said according to a published version of the interview.
"Nevertheless Germany will still have, in terms of a European comparison, markedly good economic activity," he said, adding the labour market was "robust".
In April the government said the German economy was set to grow by 1.8 percent this year.
But official data released last month showed that gross domestic product (GDP) contracted by 0.2 percent in the second quarter, attributed to geopolitical tensions from the crises in Ukraine and the Middle East.
Germany's Ifo business confidence indicator fell to its lowest level in 17 months in September, data revealed last week.


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