June 19, 2018 / 8:03 AM / 10 months ago

Ifo institute revises down German growth forecasts for 2018-2019

BERLIN, June 19 (Reuters) - The Ifo institute said on Tuesday it expected the German economy to grow by 1.8 percent this year and next, citing a weak start to the year and increased risks as reasons for revising down its previous forecasts.

“The economy developed significantly more weakly than anticipated in the first few months of the year,” Ifo economist Timo Wollmershaeuser said. “The global economic risks have risen significantly,” he added.

Ifo said the economic upswing in Germany should continue - albeit at a slower pace, echoing an assessment by the Bundesbank.

In addition to weak industrial activity and exports in the first four months of the year, a trade dispute between the United States and the European Union is also clouding the outlook for the German economy.

Ifo had previously forecast Europe’s largest economy would grow by 2.6 percent this year and 2.1 percent in 2019. (Reporting by Joseph Nasr Editing by Michelle Martin)

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