June 13, 2018 / 8:35 AM / 7 days ago

DIW institute cuts German growth forecast due to Italy, trade worries

BERLIN, June 13 (Reuters) - The DIW economic institute slashed its 2018 growth forecast for Germany by 0.5 percentage points to 1.9 percent due to an unexpectedly weak start to the year and growing risks from abroad, it said on Wednesday.

“Uncertainty arises mainly from growing concerns about some European countries, mainly Italy, and the possibility of an escalating trade conflict between the United States and the rest of the world,” DIW said.

Companies worldwide are scaling back their investments due to the uncertain business outlook and this is putting the brakes on German export growth, it added.

For 2019, the institute cut its GDP growth forecast for the German economy by 0.2 percentage points to 1.7 percent. (Reporting by Michael Nienaber, Editing by Joseph Nasr)

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