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8 months ago
Brexit, Trump and Italy cloud outlook for German economy: Economy Ministry
December 12, 2016 / 9:14 AM / 8 months ago

Brexit, Trump and Italy cloud outlook for German economy: Economy Ministry

A container ship is loaded at a terminal in the harbour of Hamburg, Germany September 23, 2012.Fabian Bimmer/File Photo

BERLIN (Reuters) - Britain's decision to leave the European Union, unpredictable U.S. policy under president-elect Donald Trump, and political uncertainty in Italy are key risks facing the German economy, the Economy Ministry said on Monday.

It added that despite those risks, the global economic environment seems to be gradually brightening up, especially as emerging markets like Brazil and Russia are expected to exit recessions, which will benefit German exports.

"Uncertainties remain high, however, not least because of Brexit, the unpredictability of future U.S. policy, and the political situation in Italy," the ministry said in its monthly report.

Growth in Europe's largest economy is expected to pick up in the fourth quarter after a slowdown in the July-Sept. period, it said, adding that a robust labor market is continuing to sustain private consumption, which has been propping up the economy as exports wane.

Reporting by Joseph Nasr; Editing by Michelle Martin

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