Germany's leading economic institutes slashed their forecasts for 2019 grow...
BERLIN - Germany’s leading economic institutes slashed their forecasts for 2019 growth by more than half on Thursday and warned that the economy - Europe’s largest - could slow much more if Britain quits the European Union without an agreement.
The institutes cut their overall growth forecast for this year to 0.8 percent from a previous 1.9 percent and said risks had increased since the autumn. Long the euro zone’s economic powerhouse, Germany narrowly skirted a recession at the end of last year and posted its weakest growth in five years in 2018 as its export-orientated economy is slowed by the trade and Brexit headwinds.
The tighter public finances - after years of budget surpluses routinely exceeding expectations - are starting to raise tensions over spending priorities in Merkel’s awkward grand coalition, senior party officials say. Their estimates feed into the government’s own growth projections, which will be updated later this month. In January, the government forecast growth of 1.0 percent for this year.
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