April 20, 2018 / 2:22 PM / a year ago

No signs Germany is at economic turning point: Buba's Weidmann

German Bundesbank President Jens Weidmann speaks at an Austrian National Bank event in Vienna, Austria, March 26, 2018. REUTERS/Heinz-Peter Bader

WASHINGTON (Reuters) - There have been some signs recently that the German economy is slowing but there is nonetheless no reason to fear that it is at a turning point, Bundesbank President Jens Weidmann said on Friday.

“We had indications recently that the first quarter was not that brilliant,” Weidmann said in Washington, adding that this showed the “air is getting thinner” around the German economy.

But Weidmann said this was not unusual after years of being in an upswing: “We definitely can’t detect any reason to see an economic turning point now,” Weidmann said, adding that Germany remained in an economic boom.

German Finance Minister Olaf Scholz denied a report in newspaper Handelsblatt that said the finance ministry expected rising revenues to generate financial wiggle room of 70 billion euros to 2022.

“The most important thing is not to miscalculate and in this case some people miscalculated,” Scholz said, adding that the government continued to have financial room of 46 billion euros for the legislative period that ends in 2021.

Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Toby Chopra

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