Economy

The German economy slowed down

The German economy grew by 1.5 per cent last year, official figures show. The government’s latest forecast was 1.8 per cent.

Last year’s growth was thus lower than in 2017, when the German economy put up 2.2 per cent. The same was the case in 2016.

The German government downgraded its previous growth forecast for 2018 and 2019 in October, but the forecast for last year turned out to be too optimistic.

The authorities originally expected 2.3 per cent growth in 2018, but this declined to 1.8 per cent in October and ended up by 1.5 per cent.

The forecast for this year was originally 2.1 per cent, but has also been revised down to 1.8 per cent.

“An important reason for this is the weaker international trading environment,” said a statement from the German Ministry of Finance in October.

Germany is the world’s third largest exporter, and last year exports accounted for just over 47 per cent of the country’s gross domestic product (GDP).

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