August 27, 2018 / 8:44 AM / a month ago

Ifo expects German economy to grow by up to 1.9 percent this year

MUNICH (Reuters) - The Germany economy will likely grow by 1.8 or 1.9 percent this year, an economist for the influential Ifo institute said on Monday after its monthly business survey showed sentiment rising in August.

FILE PHOTO: Employees of German car manufacturer Porsche work chassis at the Porsche factory in Stuttgart-Zuffenhausen, Germany, January 26, 2018. REUTERS/Ralph Orlowski/File Photo

Ifo had previously forecast 2018 growth of 1.8 percent.

Ifo economist Klaus Wohlrabe said the strong domestic situation in Europe’s largest economy was outshining the uncertainty caused by Britain’s looming departure from the European Union and the Turkish lira crisis. He said export expectations had risen significantly after dropping in July.

Reporting by Joern Poltz; Writing by Michelle Martin; Editing by Paul Carrel

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