BERLIN (AP) — Leading economic think tanks have slashed their growth forecast for Germany due to weak eurozone and global growth as well as uncertainty over the Ukraine crisis.
The four economic institutes Thursday predict Europe’s biggest economy will expand only 1.3 percent this year and 1.2 percent in 2015. That compares with their prediction in April that the economy would grow 1.9 percent this year and 2 percent next year.
It follows a string of disappointing hard economic data in recent days, including big drops in factory orders, industrial production and exports in August.
Earlier Thursday, the Federal Statistical Office said August exports dropped 5.8 percent compared with July while imports were off 1.3 percent. Economists had forecast a more modest 4 percent drop in exports and a small increase in imports.